An increasing number of borrowers are opting to choose variable rates, thanks to strong competitive tension between mortgage lenders and cash rate stability, according to Mortgage Choice.
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More investors are choosing to use variable rates, as a wider range of offers and extended cash rate stability become more popular. Demand for fixed interest rates, on the other hand, has taken a tumble.
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Investors have been spared from another interest rate rise, with the Reserve Bank of Australia (RBA) leaving the cash rate unchanged this week at 4.75 per cent.