Thursday, 17 June 2010

Fixed rate demand on the rise

More Australians are considering fixed rate home loans as fear sets in that the historically low variable rates, experienced over the last few months, are coming to an end.

CBA, Westpac, NAB and ANZ have all confirmed a lift in customers fixing rates over the past two months.

Westpac reported a 25 per cent hike in fixing while ANZ noted a 50 per cent jump. However, more than 80 per cent of major bank clients still remain on variable rates.

Mortgage Choice senior corporate affairs manager, Kristy Sheppard, said they had experienced a marked rise in the number of proactive Australians enquiring about their loan options.

'People are realising that the time of historically low interest rates is probably coming to a close. Whether or not this is the case, we are pleased to see borrowers and potential property buyers using the relative respite in rate movements to thoroughly research their loan options,' she said.

ANZ offers the lowest three-year rate at 6.34 per cent compared with CBA's 6.69 per cent

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