5.69% p.a. for owner occupied P&| 2 fixed term at ≤70% LVR (comparison of 6.08%)*

Borrowers refinance record $19.5bn of home loans in Australia

borrowers refinance a record of $19.5 bn of home loans in Australia

Refinancing activity is at ultra-high levels right now, as owner-occupiers and investors alike try to find home loans with lower interest rates as the Reserve Bank continues to raise the cash rate.
Borrowers refinanced a record $19.5 billion of loans in November, the most recent month for which we have data, according to the Reserve Bank of Australia.
By way of comparison, that was 20.4% higher than the year before and 88.2% higher than two years before. Please note, always refinancing is the best option. Please contact us to discuss what is best for your.

The Reserve Bank has hinted that at least one more rate rise is coming. In December, it said it wanted to “return inflation to the 2-3% target range over time” (it’s currently 7.3%) and would “do what is necessary to achieve that outcome” – i.e. further increase the cash rate.
So if it’s been a while since you took out your home loan, now would be a good time to think about refinancing.
Contact us to get the ball rolling. We’ll be glad to crunch the numbers for you, so you can see if refinancing would be suitable for you and how much money you could save by switching to a comparable lower-rate loan.

Let's get you your dream house

We would love to hear about your goals and help you achieve them. Book a free consultation session or call us.

Kishor Acharya, Principal Broker

Schedule a free appointment with our trusted mortgage brokers and let us help you improve your financial position.