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Borrowers win as lenders compete on rates

30/08/2011

Power is currently with the borrower as financial institutions try to compete for business in both variable and fixed home-loan rates.

Some lenders are offering fixed rates as much as 1.5 per cent below the bank's standard variable rate, says the chief operating officer at Loan Market, Dean Rushton.

But borrowers looking to fix their mortgage rate need to ensure they are doing it for the right reasons, Rushton cautions.

You should fix if you are after certainty of repayment and peace of mind rather than as a speculative play on where rates are going to move, he says.

Source: Sydney Morning herald



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