The RBA cash rate it at a record low 2.5% and looks like remaining that way now for the rest of 2014. Many ask “is now the time to fix?” Whilst rates are at record low here, Australia’s interest rate is still relatively high (when compared to most other developed economies around the world). When you compare interest rates (today) some economists argue that there is still room for downward movement (depending on what happens abroad), or certainly the likelihood of interest rates rising is now a fair way off. There is no question that presently, we have a high level of volatility overseas, and this could impact the local market. Keeping interest rates variable gives one the greatest flexibility and control. One is able to make extra payments with no penalty. The best protection against rising interest rates is to pay down debt and there is no better opportunity than now, whilst still in a low interest rate environment.