In AU some fix all or part for 2-5 years (typically 3 years or less, with discouraging rates for the longer term relative to current rates at the time to factor for risk) but it’s not universal. For example, as of mid 2022 only 5% of loans were taken as fixed.
As a result most who did fix recently did so during Covid low rates for 3 years and are coming off now facing hikes from maybe 1.89-2% if they got the best fixed rates (at a time when the cash rate was 0.1% and variable was around 1%) to around 6% variable and 7.8% if they want to fix again.
In AU some fix all or part for 2-5 years (typically 3 years or less, with discouraging rates for the longer term relative to current rates at the time to factor for risk) but it’s not universal. For example, as of mid 2022 only 5% of loans were taken as fixed.
As a result most who did fix recently did so during Covid low rates for 3 years and are coming off now facing hikes from maybe 1.89-2% if they got the best fixed rates (at a time when the cash rate was 0.1% and variable was around 1%) to around 6% variable and 7.8% if they want to fix again.