With the uncertainty about rate changes and considering how we’ve been used to low interest rates over the last decade, now is a good time to think about what higher interest rates will mean for you. 

How happy are you with your home loan? If the answer is 'not very,' it's important to know that you have the power to change the situation. This is known as refinancing, and the process provides you with an opportunity to get a better deal, secure a loan that more closely suits your needs and, perhaps most importantly, save money.

While it's important to look for loans with low interest rates, it's also important to understand the difference between fixed and variable interest rates. This is particularly true if you're borrowing large amounts of money, such as when taking on a mortgage. Each option has its benefits, and in this article, we'll take a closer look at both, as well as which may suit certain types of borrowers better.