Borrowers choose variable over fixed

Borrowers choose variable over fixed

03 November 2009 by Staff Reporter 0 comments

Most homeowners are happy to stick with their variable rate, a new poll by News Ltd has found.

According to the online survey, 57 per cent of borrowers are happy to stay with their variable rate mortgage, while 19 per cent said they would wait and see what the Reserve Bank chooses to do at its November board meeting today.

Only 10 per cent of respondents said they would switch to a fixed rate, while 12 per cent of borrowers are currently locked in with a fixed rate product.

The Reserve Bank is expected to raise the official cash rate by a minimum of 25 basis points when it meets later today.

Most homeowners are happy to stick with their variable rate, a new poll by News Ltd has found.

According to the online survey, 57 per cent of borrowers are happy to stay with their variable rate mortgage, while 19 per cent said they would wait and see what the Reserve Bank chooses to do at its November board meeting today.

Only 10 per cent of respondents said they would switch to a fixed rate, while 12 per cent of borrowers are currently locked in with a fixed rate product.

The Reserve Bank is expected to raise the official cash rate by a minimum of 25 basis points when it meets later today.

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