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While there has been a rush of interest from homeowners trying to fix their mortgage rates in the wake of October’s official interest rate rise, one mortgage broker says the numbers just don’t add up.
Australia’s largest independent mortgage broker, Loan Market Group, says it has seen a 30 per cent increase in borrowers looking to switch from a variable rate to a fixed rate mortgage after the Reserve Bank lifted the official cash rate by 25 basis points to 3.25 per cent.
However, borrowers who have done the sums have opted to stick to variable rates, after realising the ...
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Categories: Home Loans and Mortgages. Tags: Fixed Rate Mortgages, Fixed Rates, Mortgage Broker, Variable Mortgage Rates, Variable Rates.
Variable mortgage rates are likely to go up regardless of any movement in official rates by the Reserve Bank of Australia (RBA), according to Australia's leading independent mortgage broker.
John Kolenda Executive Director of Loan Market Group, which includes X Inc Finance, says there is evidence to suggest that the major banks may not pass on future RBA rate cuts.
"They are considering lifting their rates against the trend and out of cycle because they claim their cost of funds is increasing and they are not only paying more for wholesale rates but paying more on deposits, which is another key ...
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Categories: Home Loans and Mortgages. Tags: Fixed Rates, RBA Rate Cuts, Variable Mortgage Rates.
St George has raised its fixed home loan rate lending weight to claims that the best deals on fixed rate mortgages may have already come and gone.
St George's two, three, four and five year fixed rates went up by 30 basis points on Wednesday this week.
St George fixed rates now sit at 5.74 per cent for its two year fixed rate home loan, and 5.99 per cent on its three year fixed rate.
The bank attributed the increase in fixed rates to high prices in long-term money markets.
The move comes as members of the mortgage industry continue to ...
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Categories: Home Loans and Mortgages. Tags: Fixed Home Loan Rates, Fixed Rate Mortgage, Fixed Rates.
