Is fixed or variable rate better?

The answer to this question will depend on your personal situation and preferences.

If your budget’s tight and you’d prefer the security of knowing exactly how much your repayments will be every month, then a fixed rate home loan locked in for a set period may be better for you.

Or if you don’t mind your interest rate going up or down according to market fluctuations and would rather have a loan with features that can help you pay it off quicker (such as an offset account), then a variable rate loan might be a better option.

Or if you can’t decide whether to go with a fixed or variable rate, you can ask your lender about splitting your loan by assigning a certain portion to a variable rate home loan and the rest to a fixed rate home loan (unfortunately, Tic:Toc don't offer split loans yet).