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By Terry Ryder, 11th July 2009
A growing number of people are taking advantage of the continued low interest rates by locking in fixed-rate home loans, according to financial comparison firm RateCity.
Research carried out in conjunction with Canstar Cannex found the number of people applying for a fixed-rate home loan increased from 27% in April to 49% in June.
Data from the Australian Bureau of Statistics confirms that fixed-rate products as a share of the home loan market has risen to a 10-month high.
Michelle Hutchison of Rate City says the spike in fixed-rate applications is a result of current market volatility. “Many people expect interest rates to rise and find greater comfort in securing a fixed-rate where they know their repayments won’t change,” she says.
Hutchison expects a further fixed-rate increase over the second half of 2009, following the 7 July decision by the Reserve Bank to leave the cash rate at 3%.
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