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ISCOVER
Staff Reporter
New data shows Queenslanders may be the most cautious homeowners, with 37 per cent of the state's property buyers taking out a fixed rate mortgage.
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According to Mortgage Choice data, fixed rate demand is on the rise, with this type of product accounting for 28 per cent of all new home loans taken out nationally.
This is just over a 9 per cent increase from February and represents the highest level of interest in fixed rate loans since March 2008.
Queensland experienced the greatest appetite for fixed rate products, with demand rising by 13.9 percentage points to reach 36.9 per cent in March, up from 23.1 per cent in February.
"Queenslanders continue to lead the preference for fixed rate loans, month on month. However, the biggest movement was in South Australia where demand for fixed rate loans rose by 14.1 percentage points to hit 32.3 per cent in March,” Mortgage Choice spokesperson Belinda Williamson said.
"At the same time, Victorians finally started to catch up to the rest of the country with the uptake of fixed rate loans rising 8.9 percentage points to 20 per cent. This was followed closely by Western Australia where demand rose by 8.6 percentage points over the month to reach 24.3 per cent and New South Wales, which saw only a marginal increase of 4.6 percentage points to hit 24.6 per cent."
