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Aussie Home Loans has seen more owner-occupiers refinance their mortgages than purchase property this financial year.
The broking group’s figures for the 2015-16 financial year to date show 28.5 per cent of all home loans settled by Aussie were for refinancing by owner-occupiers, compared to 25 per cent for owner-occupier property purchases.
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Aussie CEO James Symond said the group has not seen refinancing outpace property purchases like this in more than four years.
“We welcome the very strong growth we’re seeing in refinancing, as it reflects the awareness amongst borrowers that they can find a better deal if they get expert help,” he said.
“With rates at the current historic lows, borrowers are getting the message that now is the right time to look at whether they can save money on their mortgage repayments through refinancing.”
Mr Symond said Aussie’s growth in refinancing is also a symptom of the red hot competition in the mortgage market.
“Lenders are fighting for market share, with some offering attractive incentives to get customers to switch their home loan,” he said.
“Alongside this growth in refinancing, we have seen a tapering off of investment purchase and refinance, while renovation and first home buyer purchase is relatively flat on last financial year.”
[Related: Mortgage refinancing hits record high]
