Owner-occupiers are refinancing their home loans in record numbers, desperately trying to get the best deal possible while interest rates rise and the cost of
Refinancing your home or commercial loan means you transfer it over to a different loan product or to a different lender.
Home owners are still refinancing their mortgages, even as the property market remains flat, the latest Bankwest/MFAA Home Finance Index has shown. The Home Finance Index, which surveyed more than 1,139 respondents, revealed that one in four (24.7%) had refinanced their loan in the past two years and 14.2 per cent had refinanced in the previous year, an increase on the previous HFI.
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More and more Australians are looking for a better deal on their home loan, with October data from the ABS revealing that refinancing activity jumped by 17% over 12 months and 5% over three months.
The lengthy period of interest rate cuts has provided a boost to the number of people refinancing their loans.
