Fixed rate expiration fears
More than 15,000 three-year, fixed-rate mortgages are set to expire this year and plenty of Australian homeowners may face rate adjustments as high as 1.64 per cent, according to research house Cannex.
In dollar terms, that is a $280 increase per monthly repayment on a $250,000 mortgage, as the average three-year fixed interest rate in February 2005 was 6.83 per cent compared to 8.47 per cent today.
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