Aussie banks have both fixed and variable rate mortgages. Most mortgages are either: * Fixed: 1-5 year terms with exit fees if changed earlier * Variable: 25

Aussie banks have both fixed and variable rate mortgages. Most mortgages are either: * Fixed: 1-5 year terms with exit fees if changed earlier * Variable: 25 year terms, with variable rates, "offset accounts" (an associated account where you can deposit that offsets the outstanding principal of the mortgage), reduced or zero entry/exit fees, ability to "redraw" (effectively treating the mortgage as a line of credit) etc.