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Discounted home loans are fast becoming the top choice for Australian investors and home buyers.
New research by Mortgage Choice, found 33 per cent of new clients now want an ongoing discount interest rate home loan – up from 17 per cent in November 2010.
According to the Mortgage Choice data, every state apart from South Australia saw a rise in demand last month for these variable rate loans.
New South Wales led the pack with 42 per cent of all approvals.
Variable rate products remain the clear favourite of today’s borrowers, at 89 per cent of approvals, while fixed rate loan demand has moved only slightly between 10 per cent and 12 per cent for four months now.
“Many lenders, large and small, are enhancing their product offerings in an attempt to pull more business into their books. This increases the negotiating power a borrower has,” Mortgage Choice spokesperson Kristy Sheppard said.
“Anyone who hasn’t at least explored their options could easily be giving themselves a raw deal by simply going with their everyday lender or ignoring the possibility of switching to a better suited or more affordable home loan.”