Home / Home Loans / Fixed rates fail to attract borrowers

Fixed rates fail to attract borrowers

06/08/2010

The size of the average mortgage fell from $377,233 in June to $370,505 last month. The average loan size fell very sharply in New South Wales – down from $455,649 to $428,943, suggesting that it is the high end of the market that is slowing most, according to new data from AFG.

AFG general manager sales and operations, Mark Hewitt, said he did not expect the sharp downward trend to continue. “We are getting towards spring and the Reserve Bank’s decision to hold the cash rate will help.” Cheap fixed rate loans have failed to attract borrowers. Fixed rates loans made up 3.4 per cent of the total in July, down from 3.9 per cent in June.

Source: Banking Day



Previous Article  Next Article


Popular Mortgages $250k

 



Popular Searches


Today's Best Rates

Institution Product Title Rate (%) Details
eMoney Pro Pack 75 (loans below 75% LVR. Contact us for loans above this LVR) 6.08  
UHomeLoan - Refinance only (6.14%p.a incl 0.20%p.a lifetime Loyalty Discount) 6.14
State Custodians Standard Variable Offset Loan 6.22
IMB Budget Home Loan (No Application Fee) 6.27
MyRate.com.au - Advantage Rate Loan 6.35  
Institution Product Title Rate (%) Details

Rates for a $250,000 standard loan. The 3 year tabs show loans that are fixed for 3 years.



SPONSORED LINKS