While standard variables continue to be the preferred loan type for the majority of borrowers, the latest Your Mortgage Index charts a sharp drop in their popularity compared to 12 months ago. User activity statistics from mortgage comparison website Yourmortgage.com.au show a 20 per cent increase in the proportion of enquiries for fixed rate loans as homebuyers seek to take advantage of some attractive rates currently available.
Around the country, Sydney remains one of the most robust property markets in Australia with borrowers in NSW continuing to account for over 35 per cent of enquiries over the past 12 months. Over in Western Australia, the proportion of borrower enquiries increased slightly to 13.4 per cent compared to the same period last year. Victoria saw the biggest fall in proportion of enquiries, indicating the Melbourne market is clearly in the downswing of its property cycle.
The average value of a mortgage has increased slightly to just over $350,000 up from $344,000 12 months ago.
Launched in 1995, Yourmortgage.com.au provides daily updated interest rate information to Australian home and investment borrowers to assist them in finding the loan that suits their needs. Attracting 165,000 visits per month, Yourmortgage.com.au is a one-stop resource for home buyers and property investors seeking the latest property news, free reports, price comparisons and loan calculators. Yourmortgage.com.au features more than 1,400 Australian home and investment loan products from over 80 lending institutions. In addition, users can access exclusive video interviews with industry leaders on Your Mortgage TV, and join the latest discussion on the Your Mortgage forum.