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Australian borrowers are going “back to basics" with their home loans, according to loan data released by Mortgage Choice today.
Over November the number of borrowers choosing a basic variable rate rose by a sharp seven per cent to 44 per cent of all approvals.
Kristy Sheppard, Mortgage Choice senior corporate affairs manager, said: “Borrowers really are favouring the basics – fewer features in return for a lower interest rate – when it comes to choosing their home loan”.
Fixed rate loan demand also continued to wane – they accounted for less than three per cent of all Mortgage Choice November approvals.
