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Borrowers back-off fixed rates

By Staff Reporter
25 September 2009 | 1 minute read

More Australians are choosing variable home loans over fixed, according to the financial comparison website RateCity.

Data from RateCity showed applications for fixed rate home loans has fallen steadily since June this year.

In August, 27 per cent of all home loan applications were for fixed loans, significantly less than the 33 per cent peak recorded in June.

RateCity’s chief executive officer Damian Smith said he expects the number of fixed rate loan applications to fall further in September.

“Fixed rate home loans will remain less popular than variable home loans as more lenders introduce different types of features to the market including rate tracking and capped loans,” he said.

Borrowers back-off fixed rates
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Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.