Fixed rate not necessarily five star – Cannex
Australian’s are increasingly turning to fixed rate home loans even though they might not always be the best choice for them, according to Cannex Mortgage Star Ratings.
Cannex yesterday released its Mortgage Star Ratings report with more ‘superior’ or five star mortgages found among standard home loans as opposed to the other fixed one, two, three and five year loans.
However, the rate of owner occupied homes on a fixed rate has risen 10 per cent since December 2005 to nearly 30 per cent, the report found.
The Cannex report also found that while many people have been quick to criticise banks for raising interest rates, over the past five years the average 90-day term deposit rate has actually risen faster than the average mortgage rate.
“The gap between lending and deposit products has never been slimmer,” the report said.
Cannex researched and rated 1,750 mortgages from over 140 institutions for the report.
| Home Loans |
Recommended for you
WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial advice firms.
Sequoia Financial Group has revealed the scale of complaints lodged with the Australian Financial Complaints Authority relating to its role in the Shield Master Fund and First Guardian Master Fund collapses.
AMP chief executive, Alexis George, believes the North platform is on a forward trajectory after a period of “stagnation” and is targeting consistent quarterly growth in advisers.
The Financial Advice Association Australia has announced it will expand its approved specialisations program to broaden its range of qualification designations.
