Fixed rate traditionally was around 5% of all mortgages. When rates dropped with the reserve bank at .1 % and then announcing a Term Funding Facility at those low rates, $188 billion was taken up by the banks. Alot of this was lent at fixed rates resulting in nearly 40% of mortgages being on low short term fixed rates. This is where the problem is.
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Fixed rate traditionally was around 5% of all mortgages. When...
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