Refinancing numbers surge
In just two months we’ve seen the Reserve Bank of Australia (RBA) increase the cash rate from a record-low 0.10% to 0.85%.
And it hasn’t taken long for most banks to pass on to customers.
With RBA warning there are more rate hikes are on the way, many homeowners are feeling nervous about their financial situation.
But, there are ways you can make yourself feel more in control, including by doing what tens of thousands of mortgage holders around the country did in May; refinancing or asking their current lender for a better rate.
Homeowners are refinancing in droves. According to PEXA’s latest refinancing insights.
Refinancing increased by more than 20% in May (from April) across each of Australia’s four most populous states.
NSW: 10,838 refinances. That’s up 20.8% on April, and up 15.6% year on year.
VIC: 11,500 refinances. May up 26.7% on April, and up 23.3% year on year.
QLD: 6,699 refinances. May up 21.8% on April, and up 49.6% year on year
WA: 3,244 refinances. May up 25% on April, and up 46.1% year on year
Mortgage brokers are also currently writing 70% of all new home loans in the country – the biggest market share ever.
Because as you know, brokers are loyal to their client, not to any particular lender.
So, if you are looking at getting a better deal, get a QPF Property Finance Specialist on the job today.
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