“Refinancing activity has remained at record highs in recent months, as borrowers continued to switch lenders amid interest rate rises,” according to the Australian Bureau of Statistics (ABS).
Owner-occupiers and investors refinanced a combined $20.2 billion of loans with external lenders in June, the ABS reported. While that was 3.1% lower than the month before, it was 12.6% higher than the year before.
More significantly, the last 14 months have been the 14 biggest months in refinancing history. Unfortunately, interest rate rises are affecting a lot of households at the moment. That’s why refinancing can be such a smart strategy. I can take a look at your existing loan and situation, compare the market and potentially present some options that may save you money.