Do you really want to lock in that fixed rate?
More first home buyers are in mortgage stress now and struggling with repayments because they locked in a fixed rate when interest rates were higher than they are now according to a new report from Genworth. 16 per cent of first home buyers have locked in a fixed rate loan, compared with 6 per cent of homebuyers overall.
The Reserve Bank of Australia has cut official interest rates twice in 2015 and more rate cuts are expected by many economists.
Source: Mortgage Business