I expect the meaning taken by the average person in different countries varies, without much overlap. My point is that mortgage products are very different in different countries, and the average person is very unfamiliar with the differences. Perhaps you are technically correct (the best kind of correct!)
For example, in Australia and NZ a “fixed rate”[1] mortgage is not the same as what you have called a “fixed rate” mortgage. Australia looks like it offers up to 10 years at a fixed rate on a 30 year mortgage (ANZ? some banks like Westpac only offer 5 years?). Banks in NZ offer up to 5 years, even though they are mostly Ozzie banks. Ozzie banks typically offer something called offset mortgages - that word doesn’t get used in NZ at all AFAIK (instead NZers can apply for a seperate revolving mortgage, I haven’t seen it bundled like in Oz).
What you call “variable rate” is called “floating rate” in New Zealand (and search completion hinted maybe the same for Canada & Singapore).
For example, in Australia and NZ a “fixed rate”[1] mortgage is not the same as what you have called a “fixed rate” mortgage. Australia looks like it offers up to 10 years at a fixed rate on a 30 year mortgage (ANZ? some banks like Westpac only offer 5 years?). Banks in NZ offer up to 5 years, even though they are mostly Ozzie banks. Ozzie banks typically offer something called offset mortgages - that word doesn’t get used in NZ at all AFAIK (instead NZers can apply for a seperate revolving mortgage, I haven’t seen it bundled like in Oz).
What you call “variable rate” is called “floating rate” in New Zealand (and search completion hinted maybe the same for Canada & Singapore).
It is confusing.
[1] https://www.loans.com.au/home-loans/everything-you-need-to-k...