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this post was submitted on 21 Nov 2024
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The problem is that the RBA increased interest rates to discourage individuals from borrowing more. The problem is that We had already borrowed so much that the increase was crippling.
They should have only increased rates on new loans and reduced rates on existing loans.
That's an interesting concept but not one the RBA has any control over. You'd have to freeze old loans somehow too to prevent people redrawing and consolidating debt into old facilities? And get all the banks to adopt it? What about international debt? Don't think would be doable in practice
In the US, the vast majority of mortgages have a fixed rate over decades.
90% of mortgages are fixed-rate for 30 years according to this page: https://www.mortgagecalculator.org/helpful-advice/how-many-years-mortgage-loan.php
I don't know the details of how that works, but yeah, it's possible for the vast majority of home borrowers to be on fixed rates.
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