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Fixed rate home loans hit 10-month high

Fixed-rate home loans hit a 10-month high in May, but mortgage experts say consumers are not overly concerned.

Australian Bureau of Statistics (ABS) data shows fixed-rate home loans rose to 6.5 percent of the home loan market in May, up from 4.2 percent in April and at the highest point since July last year when they made up 8.8 percent.

However, Harry Senlitonga, a senior financial analyst with Canstar Cannex, says the percentage of fixed-rate loans is still very low compared to three years ago.

“The number of new loans in fixed interest rates indicates people are cautious about whether it may go up again.

“The safe thing for them to do is lock in at a low rate.”

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Jessica Stanic

Jessica Stanic

Jessica has a background in both marketing and journalism and is dedicated to making the website the leading online resource for small to medium businesses with ambitions to grow.

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