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Home / Home Loans / Most fixers choose to fix rates for three years

Most fixers choose to fix rates for three years

27/02/2013

Two thirds of borrowers who choose to fix their mortgage rate are opting for a three year product. Three year fixed rate mortgages are by far the most popular of all fixed rate mortgage products.

Just 1.4 per cent of fixers opt for a one year fixed rate, while 10.24 per cent choose a two year term and 19.64 per cent go for a five year fixed rate mortgage.

Fixed mortgages remain a marginal product with the majority of borrowers; 80% to 85% choosing a variable offer of some kind.

Source: Property Observer



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Institution Product
Title
Standard
Rate^ (%)
Comparison
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Dream Home Loan (Blackboard Special) 4.54 4.56 Go to site
UHomeLoan - Variable Loan with a special Upfront Discount of 0.25% p.a. 4.62 4.62 Go to site
iMortgage Essential up to 90% LVR Purch & Refi 4.69 4.71 Go to site
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^Standard rate for a $250,000 standard loan. The 3 year table shows loans that are fixed for 3 years.
*Comparison rates shown are based on a home loan of $150,000 for 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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