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Uptake of basic loans on the rise

3 minute read
The Adviser

Australian borrowers are going “back to basics" with their home loans, according to loan data released by Mortgage Choice today.

Over November the number of borrowers choosing a basic variable rate rose by a sharp seven per cent to 44 per cent of all approvals.

Kristy Sheppard, Mortgage Choice senior corporate affairs manager, said: “Borrowers really are favouring the basics – fewer features in return for a lower interest rate – when it comes to choosing their home loan”.

Fixed rate loan demand also continued to wane – they accounted for less than three per cent of all Mortgage Choice November approvals.

 

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