More borrowers are opting for variable rate mortgages, according to the latest national home loan approval data from Mortgage Choice. Variable rate home loans accounted for 80.7 per cent of all home loans written in April 2018 - up by more than two per cent from the previous month, and almost six per cent higher than the 12-month average. "The data is largely unsurprising, especially when you consider that the Reserve Bank of Australia has left the cash rate on hold for over twenty months," said Mortgage Choice CEO Susan Mitchell. "Given that interest rates have been sitting at historical lows for so long now, borrowers see no urgent need to lock themselves into a fixed rate product." The managing director and chief executive officer of MyState Limited, Melos Sulicich has had the tenure of his contract extended. The key terms of Sulicich's contract are: annual base pay of A$625,000, including superannuation; and short-term incentives limited to a maximum of 50 per cent of base pay payable in cash, subject to achieving agreed performance hurdles. Maximum long term incentives are limited to a maximum of 50 per cent of base pay, payable in MyState Limited shares, subject to achieving agreed performance hurdles and shareholder approval. MyState Limited is the ASX-listed non-operating holding company of the diversified financial services group consisting of MyState Bank (including The Rock - A division of MyState Bank) and Tasmanian Perpetual Trustees, a trustee and wealth management company.