Ultra-cheap fixed rates have fuelled a rush to the property market and sent home values soaring, but a number of banks have begun increasing long-term fixed rates, setting the clock ticking for borrowers looking to lock in at the bottom of the cycle.
Commonwealth Bank, Bank of Queensland and Bankwest are amongst more than a dozen lenders tracked by Mozo to raise 4 or 5 year fixed rates in recent weeks, with more lenders expected to follow suit.
Typically, only around 15% of mortgages are fixed, but the combination of rock-bottom rates and predictable payments have attracted plenty of borrowers in the past year. In fact, fixed rates now account for more than one-third of new mortgages.
Right now, borrowers can still nab plenty of attractive fixed rates from well under 2.00%, but those looking to fix their loan for a longer period of time might have only a small window to take advantage of the best deals.
Read on for the Mozo Editors’ round-up of some of the top fixed rate deals on offer right now….
TOP FIXED RATE HOME LOANS APRIL 2021