Borrowers back-off fixed rates

Borrowers back-off fixed rates

25 September 2009 by Staff Reporter 0 comments

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.

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.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?