Fixed rate home loan demand steadies
New data from independently-owned mortgage broker Mortgage Choice, shows 15.3 per cent of the home loans approved for its customers in January had a fixed interest rate. This compares to 15.2 per cent in December, 11.2 per cent in November, 7.7 per cent in October and 3.7 per cent in September. Uptake increased for the fourth consecutive month in most states, by an average of 2.2 percentage points, but dropped in Queensland and Western Australia, by 2.9 and 2.8 percentage points respectively. Mortgage Choice company spokesperson
16 Annie Court, Moama Agent: Riverside Property Sales, phone 5480 0144 Expand your investment portfolio and make your dollar work for you with the well-located property at 16 Annie Court, Moama. The three-bedroom brick veneer home is in a quiet court location in Moama. A spacious living/dining room is next to a lovely, light kitchen. The master bedroom has a walk-in robe and the others have built-in robes. Ducted evaporative air- Kristy Sheppard said, ‘‘Australians’ appetite for fixed rate home loans has risen consistently over the past six months, but that pace slowed right down in January.’’ ‘‘One has to question whether the demand for this more conservative loan type has steadied now it looks likely that the next cash rate rise has been pushed back to mid-year or later. ‘‘Of all the mortgage types, ongoing discount loans, where the interest rate is discounted over the entire loan term usually in return for an annual fee, experienced the biggest increase in demand. They accounted for 25.3 per cent of our January approvals, having conditioning, ducted gas heating, dishwasher and gas hot water unit complete the inside. Outside, the full length of the back of the ranch-style home is paved and enclosed, allowing for a terrific cool retreat. The backyard with double gates includes a garden shed. For the investor, the property is let at $250 a week, and, to the owneroccupier, the home will be available with vacant possession. Inquiries to Donna Clarke at Riverside Property Sales, phone 5480 0144 or 0438 004 565. risen 8.4 percentage points in the last two months.’’ Notwithstanding this trend standard variable rate home loans continue to be the favourite, at 30.7 per cent of approvals, followed by the ongoing discount loan category, which overtook basic variable loans at 23.6 per cent of approvals to hit second spot. Demand for line of credit home loans, often popular with investors, dropped a little to 4.8 per cent of approvals from 5.4 per cent the month before, while introductory rate home loans accounted for only 0.2 per cent.