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Only about 5 out of every 100 home loan customers are choosing fixed over variable loans right now, according to the most recent data from the Australian Bureau of Statistics.
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In February 2023, 5.4% of new home loan customers decided to fix their loans. That compares to a massive 46.0% in July 2021, when borrowers were hungry to fix because interest rates were then at record-low levels.
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But by the time the Reserve Bank of Australia started raising the cash rate in May 2022, only 11.9% of borrowers were fixing, as lenders, in anticipation of future RBA rate hikes, had already been increasing their fixed interest rates.
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Fixing bottomed out at 4.0% in October 2022.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
