Mortgage News

Interest rate hikes to hit hard in a year's time

Wednesday 22nd of September 2004
The reason for that is that about 70% of home lending is now done at fixed rates and that 80% of fixed-rate lending is for terms less than two years. Bagrie says current Reserve Bank data suggests the average interest rate on existing one to two-year fixed rate loans is only 6.9%.

That compares with the 8.5% to 8.6% floating rates currently charged by the five major home lending banks.

Tha...

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