More pain for fixed term loans
Many thousand fixed term loans are due to expire this year with the effect being up to a doubling of their monthly repayments. An estimated 30 per cent of all three and five year fixed term mortgages that are set to expire will affect up to 15,000 households, being hit with all of the RBA rate increases in one go. RBA statistics are showing that over 23 per cent of all owner occupiers wish to fix their loan, up 1.5 per cent since January.
Source: The Australian Financial Review