Fixed rates are incredibly low at the moment and with Australian borrowers expecting the low interest rates to bottom out, there could be a move to consider fixed rates. The share of borrowers choosing a fixed-rate product remains high at 29.2%. With 1-4 year fixed rates all being below 2% pa, that percentage could rise in coming months.
A chart of our low interest rates can be found on our website. Often we can access rates below those advertised so please talk to a Search Mortgage broker if you or someone you know needs to discuss refinancing.
The RBA Board next meets on the 2nd February to discuss the Official Cash Rate. With the rate currently at 0.1 % most economists believe the RBA will keep the rate unchanged. It also appears that banks have little room to move on the low rates that they are currently offering and any changes in bank interest rates will be only minor at best.