Aussie Homeowners Mortgage Refinancing Rate Hits Record Levels
As per the analysis of consumer data, it can be seen that the mortgage refinancing becomes very frequent among Aussie homeowners, thereby reaching record levels.
Finder.com.au compiles the stats by ABS, that shows that almost 22,000 Australians refinanced their mortgages in December 2015. At this Bessie Hassan, consumer advocate at finder.com.au, says she expects that trend to continue.
She further added, “In fact, the total value of refinanced home loans is forecasted to reach $100 billion this year, an increase from the record $77 billion in 2015, according to finder.com.au research. With signs pointing to a rate rise in the near future, now is a great time for homeowners to consider refinancing. As it stands, the cash rate is at a historical low and providers are offering among the lowest rates ever seen – borrowers can potentially save thousands of dollars per year by making the switch to a better deal”.
All homeowners are refinancing their mortgage from variable to fixed. Hassan says the 21,896 Australians who refinanced their home loans last December collectively would have saved about $148 million in interest by fixing their mortgage.