More Aussie home buyers choose to fix loans
Article by Mozo
A growing number of Australian property buyers are opting for the security of a fixed rate home loan, new figures show.
Data released this week by the Australian Bureau of Statistics reveal that 49,307 mortgages were approved in October – the highest amount since January.
The figures also show that the proportion of home buyers taking out a fixed rate loan of two years or longer rose to 6.9 per cent in October compared to 4.4 per cent the month before.
Such data suggests more people may be looking to compare home loans and consider their options in the wake of various affordability concerns.
It should also be noted that the findings reflect trends seen before the official interest rate rise in November which was followed by subsequent hikes at the big four banks.
Speaking to the AAP, Sydney real estate agent Charles Bailey suggested that buyer activity was still slow in the city's popular inner-western suburbs.
"Three to four months ago we would have been getting 30 to 40 groups coming through every week in the inner west for mid-range properties, now we are averaging four or five groups coming through," he said.
This article is brought to you by Mozo – Helping you compare home loans