Brokers are seeing a dramatic increase in fixed rate enquiries.
Loan Market Group’s chief operating officer Dean Rushton said the number one product the company’s brokers were currently receiving enquiries about was three-year fixed rate loans.
“The recent round of rate rises has resulted in a big jump in enquiries about fixing,” Mr Rushton said.
“While people aren’t necessarily going ahead and locking in a new fixed rate loan, they are definitely more active at the moment in seeking the best deal they can obtain.”
Mr Rushton said the second most popular product enquiry regarded basic variable rates and the differences between the various lenders.
He said there was also a lot of interest in honeymoon variable rates and professional packages.
“The latest increase in official rates by the RBA and the response from most major banks to lift their rates by more than the Board has certainly stirred up enquiries from mortgage holders,” he said.
Mr Rushton said there was as much as 1.2 per cent difference between the variable home mortgage rates currently on offer.
“The differences between lenders and the interest rates have really been amplified with the recent round of rate movements,” he said.
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