More Aussies are securing fixed-rate home loans
Article by Mozo
A growing number of Aussies are concerned that any future interest rate cuts sanctioned by the Reserve Bank of Australia (RBA) may not be passed on by the country's major lenders.
The RBA today (April 3rd) opted against further reductions and in the past this has prompted home loan providers to hike their own interest rates.
With this in mind, it seems a growing number of Aussie homeowners are switching to fixed-rate mortgages in order to protect themselves against any sudden hikes.
Indeed, new figures released by the Australian Finance Group have shown that 25 per cent of customers who refinanced a home loan with the firm in March changed to a fixed-rate package.
This compares to just 6.6 per cent in the corresponding month in 2011 and represents a record-high since the recession took hold down under. It is the clearest indication yet that Aussies are concerned about interest rate increases.
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