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ISCOVER
Jessica Darnbrough
The November rate hike has created sound business opportunities for brokers.
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Three weeks after the RBA announced its decision to lift the official cash rate 25 basis points, every lender has now revealed their new SVR – with many lifting out of cycle with the Board.
As such, a record number of consumers are looking to refinance out of their expensive home loans.
In the past two weeks, Mortgage Choice, Aussie and Loan Market Group have all seen an upswing in refinancing queries.
Aussie saw the number of home owners visiting the website to look at their refinancing options double in one week.
In addition, MFAA chief executive Phil Naylor said the industry body’s brokers had also seen a dramatic increase in refinancing inquiries.
"There is no doubt consumer sentiment is building as borrowers look for ways to offset rising interest rates and shop around for a better home loan deal," Mr Naylor said.
With this in mind, Bernie Lewis chief executive Mark Lewis said there wouldn’t be a better time for brokers to re-engage their database and discuss possible refinancing.
“In a rising interest rate environment, there are always a lot of refinancing opportunities. Brokers really need to be using this time to focus on their existing client database and make sure they are explaining the refinancing options available to them,” Mr Lewis told The Adviser.
