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Borrower demand for fixed-rate loans rose for the third consecutive month in October, accounting for 31 per cent of all approvals according to Mortgage Choice’s latest national survey.
Mortgage Choice national corporate affairs manager Warren O’Rouke described the demand for fixed-rate products as the result of “cautious homebuyers concerned about domestic interest rates”.
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The survey also revealed that first home buyers were more likely to fix rates compared to more experienced borrowers.
“By contrast to first home buyers, more experienced borrowers seemed unconcerned about fixing rates and are electing to go standard variable, as they see fixed-rate loans as being more expensive in the longer term,” said O’Rouke.
