The majority of buyers remain reluctant to move off their variable loans to a fix, given the likelihood of the RBA slashing the cash rate at least once again before the year comes to a close. While more immediate data is not available, barely 2% of new loan commitments in August 2024 were fixes, according to Australian Bureau of Statistics data. People think there are more rate cuts to come, so the temptation is to wait & see what happens.

Each member of the Big Four banks expects the RBA to push through another 25-basis-point cut in November.

A survey of 1000 Aussies for Money.com.au found that 10 per cent of borrowers were now looking to fix their home loan but Australians are concerned about when it the best time. In 2021 when rates were closer to an all time low the Banks were offering great deals with many RFS clients fixing for 2 years at under 2%.

We would say that it is very hard to pick the market or the right time. The right time & rate is when you get comfort from the decision.