Since late last year, the volume of loans fixed for 3-4 years has grown rapidly, albeit from a low base. As a result, a number of Australian households have locked in low rates on their mortgages for some years.
Graph 7  Fixed-rate Housing Credit Proportion of total outstanding housing credit; by residual term % % More than 3 years 2-3 years Less than 2 years  30  30  20  20  10  10  0  S  D  M  2019  J  S 2020  D  M  J  0  2021  Sources: APRA; RBA  The bond purchase program has also led to an easing in financial conditions by contributing to lower yields beyond the 3-year mark.