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Demand for fixed rate home loans fell to just 2 per cent of all home loan approvals in July despite their increased parity to standard variable rates, recently released figures by mortgage brokerage Mortgage Choice have revealed.
“This is despite less than half a percentage point difference between the average basic variable rate and the three year fixed rate, which converts to less than $100 per month on a $300,000 loan,” she said.
“With fixed rate home loans at a mere two per cent of all of our July home loan approvals it has now been more than two years since this loan type has poked its head above 10 per cent of new approvals for any month.”
Mortgages are loans that are used to buy homes and other real estate where the property itself serves as collateral for the loan.
Mortgages are loans that are used to buy homes and other real estates where the property itself serves as collateral for the loan.