How Australian mortgages compare to the US, Japan and South Korea

Key points

• Andrew Clifford switched his mortgage to a fixed rate in March, before the Reserve Bank of Australia raised the cash rate to 4.6 per cent. Most Australians have variable-rate mortgages, with less than 5 per cent on fixed rates.
• Research suggests longer fixed-rate loans, common in the US, South Korea and the EU, could benefit Australian borrowers.
• University of NSW economist Richard Holden notes US lenders offer 30-year fixed-rate mortgages due to government-backed guarantees and a secondary debt market.