Queensland stands out as the state where fixed rate home loans are most popular, according to new research carried out by aggregator, Mortgage Choice.
Fixed rate home loan demand hit a long-term high last month and Mortgage Choice data supports the industry trend, with March fixed rate figures reaching 27.58% of all new loan approvals.
The aggregator says this was a 9.17 percentage point increase from February and represented the highest level of interest in fixed rate loans since March, 2008.
This is a national trend, according to the aggregator, but the greatest appetite for fixed rate popularity was in Queensland, where demand rose by 13.89 percentage points to reach 36.94% in March, up from 23.05% in February.
Mortgage Choice spokesperson, Belinda Williamson, says that while Queenslanders continue to lead the preference for fixed rate loans, month on month, the biggest movement was in South Australia, where demand for fixed rate loans rose by 14.1 percentage points to hit 32.26% in March.
“At the same time, Victorians finally started to catch up to the rest of the country with the uptake of fixed rate loans rising 8.88 percentage points to 19.96%. This was followed closely by Western Australia where demand rose by 8.51 percentage points over the month to reach 24.25% and New South Wales, which saw only a marginal increase of 4.57 percentage points to hit 24.51%.”