Australian home buyers are starting to favour variable mortgage rates, according to a new study.
Mortgage broker Loan Market stated that the number of home buyers deciding to compare mortgage loans on the Internet is increasing. It added that the term “home loan calculator” accounted for 20 percent of the total mortgage broker website traffic in February 2011.
Many consumers in Australia opted out of fixed-rate loans, recording an increasing number of home buyers deciding on variable rate options.
Dean Rushton, Chief Operating Officer at Loan Market, said more customers want to make sure that they are well-informed before making any decisions on how to finance their home purchase.