Australian Home Buyers Take Advantage of Low Interest Rates
RateCity research finds more Australians are locking in fixed rates.
Sydney, Australia, July 12, 2009 --(PR.com)-- A growing number of people are taking advantage of the continued low interest rates by locking in fixed rate home loans, according to new research by Australia’s leading financial comparison web service, RateCity.
In conjunction with CANSTAR CANNEX, the research found that the number of people that applied for a fixed rate home loan increased from 27 percent in April 2009 to 49 percent in June 2009.
Michelle Hutchison, RateCity Spokesperson, said the spike in fixed rate applications was a result of the current market volatility.
“Many people are expecting interest rates to rise and are finding greater comfort in securing a fixed rate where they know their repayments won’t change.”
Mrs Hutchison said RateCity expects a further fixed rate increase over the second half of 2009, following this week’s (Tuesday, July 7, 2009) decision by the Reserve Bank of Australia (RBA) to leave the cash rate at 3 percent.
“Our research has found that there was a decrease in home loan applications from April to June 2009 as people may be holding off buying a home due to the uncertainty of the market.
“However, following the unchanged cash rate of 3 percent by the RBA, we anticipate a flow of buyers back to the market,” said Mrs Hutchison.
About RateCity
Launched in December 2006, RateCity.com.au is the website where Australians can easily find, compare and apply for over 13,000 financial products from over 250 institutions. It spells the end of travelling from website to website and the beginning of discovering the very best value product for you. Our job is to take the hassle out of finding the right financial product - saving our users both money and time.
RateCity.com.au is a private company with an AFS Licence (AFSL: 316 710), powered by CANSTAR CANNEX, in partnership with ninemsn.
Disclaimer
To the extent that any RateCity Pty Limited data, ratings or commentary constitutes general advice, this advice has been prepared by RateCity Pty Limited ABN 21 122 743 542 AFSL 316710 and does not take into account your individual investment objectives, financial circumstances or needs. Information provided on and available from this site does not constitute financial, taxation or other professional advice and should not be relied upon as such. RateCity Pty Limited recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser.
Product Disclosure Statement relating to the product should also be obtained and considered before any decision about whether to acquire the product.
Please refer to RateCity's FSG on their website for more information.
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In conjunction with CANSTAR CANNEX, the research found that the number of people that applied for a fixed rate home loan increased from 27 percent in April 2009 to 49 percent in June 2009.
Michelle Hutchison, RateCity Spokesperson, said the spike in fixed rate applications was a result of the current market volatility.
“Many people are expecting interest rates to rise and are finding greater comfort in securing a fixed rate where they know their repayments won’t change.”
Mrs Hutchison said RateCity expects a further fixed rate increase over the second half of 2009, following this week’s (Tuesday, July 7, 2009) decision by the Reserve Bank of Australia (RBA) to leave the cash rate at 3 percent.
“Our research has found that there was a decrease in home loan applications from April to June 2009 as people may be holding off buying a home due to the uncertainty of the market.
“However, following the unchanged cash rate of 3 percent by the RBA, we anticipate a flow of buyers back to the market,” said Mrs Hutchison.
About RateCity
Launched in December 2006, RateCity.com.au is the website where Australians can easily find, compare and apply for over 13,000 financial products from over 250 institutions. It spells the end of travelling from website to website and the beginning of discovering the very best value product for you. Our job is to take the hassle out of finding the right financial product - saving our users both money and time.
RateCity.com.au is a private company with an AFS Licence (AFSL: 316 710), powered by CANSTAR CANNEX, in partnership with ninemsn.
Disclaimer
To the extent that any RateCity Pty Limited data, ratings or commentary constitutes general advice, this advice has been prepared by RateCity Pty Limited ABN 21 122 743 542 AFSL 316710 and does not take into account your individual investment objectives, financial circumstances or needs. Information provided on and available from this site does not constitute financial, taxation or other professional advice and should not be relied upon as such. RateCity Pty Limited recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser.
Product Disclosure Statement relating to the product should also be obtained and considered before any decision about whether to acquire the product.
Please refer to RateCity's FSG on their website for more information.
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Contact
RateCity.com.au
Michelle Hutchison
+61 2 8917 8005
www.ratecity.com.au
Michelle Hutchison
+61 2 8917 8005
www.ratecity.com.au
Contact
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