FED:Thousands freed from high fixed-rate loan

AAP General News (Australia)
04-14-2011
FED:Thousands freed from high fixed-rate loan

More than 100-thousand homeowners will be sighing with relief .. that their three-year
fixed-rate mortgage has run its course.

This group would have taken on their loan at a rate of more than eight per cent ..

missing out on the sharp cut in interest rates by the Reserve Bank during the heat of
the global financial crisis.

Mortgage broker Loan Market says many of these borrowers are now looking to get a lower
interest rate.

Loan Market chief operating officer DEAN RUSHTON says while the cash rate's crept back
to 4.25 per cent .. from a near record low of three per cent .. it's still well below
the level for a fixed-rate loan taken out in 2007/08.

AAP RTV cb/sb/tm

KEYWORD: MORTGAGES (CANBERRA)

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