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Jessica Darnbrough
The publicity surrounding the majors’ decision to move out of cycle with the RBA has had a positive impact on Australia’s broking channel.
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Figures from Mortgage Choice, Aussie and Loan Market Group show refinancing enquiries have jumped since all four of the majors moved on rates.
Last week Aussie said the number of home owners visiting the website to request an appointment with a broker to refinance their home had doubled.
And it is not just the major brokerage groups that have seen a jump in enquiries.
Retail non-bank lenders have also seen enquiries grow.
Opportune branch principal Michael Doyle told The Adviser he had also seen a significant leap in refinancing queries – giving his bottom line a healthy boost.
“The RBA’s rate hike and the majors’ subsequent decision to move out of cycle has provided me with a massive injection of refinancing work,” Mr Doyle said.
“The flight to quality that we saw during the GFC doesn’t seem to be an issue anymore as borrowers are becoming more comfortable shopping around for a cheaper alternative to the majors.”
