Borrowers thinking about fixing their mortgage

A Loan Market poll has asked borrowers if they will consider fixing their rate given recent decisions by the RBA and the ensuing rate changes by lenders. The survey found 60% of respondents were considering a fixed rate.

A Loan Market spokesman said out-of-cycle moves by the banks have left consumers shaken.

“The banks acting independently of the RBA and lifting their variable rates has caused quite a bit of concern and confusion among consumers.”

“Home loan customers are uncertain about the direction rates are heading. While the RBA has left the cash rate at 4.25%, the banks increased their variable rates by modest amounts,” he said.

Source: Broker News