Fix mortgages now: Westpac
Westpac has advised that now is the time to fix – after months of saying floating was the better option.
Stephens said there were several reasons for the bank’s belief that now was the time to fix. “We’ve got through the Greek election without Eurogeddon, the retail mortgage rates have fallen and the wholesale rates have risen.”
He said the balance of risks favoured fixing as a way to cut the lifetime interest rate cost of a mortgage.
Stephens said one- to three-year terms were particularly attractive. “Fixed rates are lower than floating in some cases. You can knock down your principal much faster on a fixed rate.”
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