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Borrowers ditching fixed rate home loans

Borrowers are shunning fixed rate loans as banks hike rates on a weekly basis.

Australian cash notes under house keyring.
Fixed rate loans starting with a ‘1’ have all but disappeared.

Borrowers are shunning fixed rate loans as banks hike interest rates on a weekly basis.

NAB on Friday (22 April) made its fourth round of fixed rate hikes for 2022, with the major bank increasing rates by up to 0.60 per cent for owner occupiers and 0.80 per cent for investors. 

The latest ABS Lending Indicators data shows that fixed rate loans made up just 28.1 per cent of new loan commitments in February.

This is the lowest proportion since A…