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A Discounted Rate gives you a guarantee that for a period of time your interest rate will remain at a fixed percentage below the Variable Rate.

Therefore, if the current interest rate is 7% and your rate is discounted by 2% (i.e. 5%) if the interest rate were to be increased by 1% then your rate would rise to 6%.

Advantages:

Gives a reduced repayment over the period of the discount
Repayments will reduce with interest falls

Disadvantages:

Repayments will rise with interest rates
May have to pay application and/or arrangement fees
Usually a penalty payment of several months’ interest if redeemed during ort shortly after discounted period

Discount Rate

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