Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Demand High for Fixed Rate Mortgages

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Demand High for Fixed Rate Mortgages

Article excerpt

THIRTY one months have passed since the demand for fixed rate mortgages was at such a high level.

Mortgage Choice customer data for December 2010 shows the year ended with a bang for fixed interest rates, as appetite for such loans increased. For the third consecutive month, every state saw a lift in their uptake despite the continued rising cost of fixed rates.

Local Mortgage Choice franchise owner, Robert Harney said, aAustralian borrowers' demand for fixed term mortgages has reached a pace unseen for over two and a half years, at 15.2% of our loan approvals in December, despite the cash rate being lower now than back then.a

aFixed term loan approvals rose four percentage points over the month to more than double the six month average of 7.1% and more than triple the 12-month average

aMuch is being written about the cautious attitude of Australians and our latest data reflects that. Many mortgage holders are locking in the interest rate on part or all of their loan so they can better control their ability to meet repayments. …

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