September 02, 2014
As expected, demand for fixed rates increased in August off the back of some aggressive fixed rate discounting from Australia's banks and lenders.
Mortgage Choice's latest home loan approval data for August shows that fixed rates accounted for 24.19 per cent of all home loans, an increase from 23.82 per cent in July.
Fixed rates were most popular in Queensland with 29.85 per cent, while Victoria was at the other end of the scale with only 16.70 per cent of borrowers choosing a fixed rate.
Whenever lenders cut their rates, we tend to see a lift in demand for that type of product a few months later. As a result, we'd expect to see demand for fixed rates climb further in September.
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