There are a lot of smart borrowers out there

Australian mortgage borrowers are being very smart with their repayments according to new research from Credit Union Australia.

77 per cent of survey participants (with a home loan) said they were likely to make repay extra if their repayments decreased as a result of interest rate cuts.

CUA’s Mark Petty said one in seven people with a variable rate home loan are planning to switch to a fixed interest rate loan within six months.

Source: Mortgage Business