Simply, it means your rate won’t change for a period of time, and you’ll know exactly what your regular repayments will be. There might be break costs if you choose to break the loan during the fixed period. Chat to your lender or broker about the specifics.
This means the rate can go up and down, and your repayments can vary. Generally, variable rate loans tend to offer more flexible features than fixed rate loans, like letting you make as many extra repayments as you want and redrawing those extra repayments easily online. Chat with your lender or Broker about particular loans and their features.
You can split your loan into multiple loans that come with variable and fixed rates. This means having the certainty of a fixed rate plus the flexibility of a variable rate loan.