Due to the worsening global economic crisis, the Reserve Bank of Australia has decided to cut the standard cash rate further. This scenario leads to the decreasing percentage of home lenders who avail of mortgage with fixed interest rates. As the Europe debt situation continually affects the world market, interest rates for a 3-year mortgage deal has become lesser having an average rate of 0.6% compared to the standard variable rate which evidently is much cheaper. From the earlier months, fixed interest rates were prompted to be more expensive compared to loans with variable rates. This has created a notion
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