Fixed or variable? AFG's new borrower numbers

AFG’s latest Mortgage Index shows that of new borrowers, just 14.2% opted for a fixed rate mortgage during June 2015, compared to 15.2% in May, with 76% of borrowers choosing a standard or basic variable home loan.

A year ago it was at 17.2%.

The March 2013 AFG Mortgage Index had 29.6% of all new home loans fixed. 

The March figure was billed the highest proportion ever recorded by AFG, which ranks as Australia's largest mortgage broker. 

Historically AFG has released the AFG Mortgage Index on a monthly basis, but following AFG’s listing on the ASX, AFG has determined that the AFG Mortgage Index will be published on a quarterly basis from July 2015 (ie the first quarter will reflect the 3 months ending 30 September 2015).

Established in 1994, AFG now provides more than 20% of brokers nationwide with access to Australia’s leading lending institutions, and has a loan book in excess of $100 billion.