Borrowers jump at record-low fixed-rates

“In particular, interest in longer-term loans is at levels we haven’t seen before as customers take advantage of rates under 5 per cent and the opportunity to have certainty on their mortgage repayments”.

Three weeks after big banks dropped a range of fixed rates below 5 per cent, Westpac, National Australia Bank and ANZ Bank say more customers are looking to fix some or all of their mortgage.

NAB has seen a substantial increase in demand from home buyers for fixed-rate home loans since we cut rates to 20-year lows of less than 5 per cent in July,” Ms Reynolds said.

NAB‘s general manager of consumer lending, Melissa Reynolds, also said there had been a “substantial” lift in demand for fixed-rate loans in recent weeks.

Westpac’s head of home ownership, Melanie Evans, said the proportion of new loans with a fixed component was nearing 30 per cent, compared with 15 to 20 per cent a few weeks ago.

Read more here: SMH


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