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By Terry Ryder, 7th December 2010
The popularity of fixed-rate home loans rose in every state during November to hit 11% of approvals nationally, according to mortgage broker Mortgage Choice.
This 29-month high was a considerable increase on the 7.7% reached in October. Early in 2010 less than 1% of loan approvals were for fixed-rate loans.
Meanwhile, standard variable home loan products rose to 49.3% of approvals and basic variable dropped to 36.1% - the lowest level in two years.
Mortgage Choice spokesperson Kristy Sheppard says demand for fixed interest rates is becoming significant, lifting from a trough of 0.88% of home loan approvals in January to 10.9% in November.
“The rising popularity of these less flexible products offering a set term of steady minimum repayments indicates rising borrower caution and conservatism in the face of higher interest rates and living costs,” she says.
“The elevated pricing of most fixed rates compared to variable rates has not deterred one in nine new Australian borrowers from fixing the rate on part or all of their home loan. The value of peace of mind over repayment level should not be under-estimated.”
ENDS
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