Fixed Rate Loans have jumped to 33.06% last December of 2013, signs that Australians are looking for more certainty in their home loans. The last time this level was reached was in March of 2008. Fixed rates have increased by 2.5% from November.
All capital cities and states have seen an increase in Fixed Rate mortgage loans except in New South Wales where it dropped by 0.58%. Queensland recorded the highest increase, accounting for 44% of all home loans in December.
Variable rates are still popular, as it accounted for 66.94% of all loans in December, but the consistent increase in Fixed rate loans show that Australians are trying to be more careful as lenders and borrowers alike hold their breath for the next interest rate result from the Reserve Bank.
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