Latest research conducted by Mortgage Choice shows that demand for fixed rate loans has dropped slightly during July. It's just slightlly down from June stats, and sitting at almost 24% of all home loans written for the month.
We're expecting this figure to turn around a little during August as several of our major lenders have slashed the interest on their suite of fixed rate products, taking their home loan rates to new historical lows. At present, three of the four majors are offering five-year fixed rate mortgages with an interest rate of just 4.99 per cent – which is largely unheard of.
Fixing your rate, especially at these incredibly low figures provides you with some certainty around your mortgage repayments for a specific time period. Even fixing part of your loan is a good strategy to take advantage of these low rates.
Whether you fix or prefer a variable rate, if you haven't reviewed your home loan for over 3 years, you could probably get a better deal now, save money and cut some time off your loan.
At Mortgage Choice Inner North Brisbane, we're happy to run a Home Loan Health Check for you - at no cost and with no obligation.
If you want to find out if you can get a better deal, please phone Caroline Jean-Baptiste on 07 3366 8604.