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Home loan customers refinancing their existing mortgages are set to continue their strong activity in the housing finance market during 2012, new data has revealed.
Over the last 12 months, Loan Market Group has seen a 16 per cent spike in refinancing enquiries.
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And this trend is unlikely to change any time soon, according to Loan Market Group's chief operating officer Dean Rushton.
"With expectations of more rate cuts by the RBA in the first half of 2012, we should see sustained growth in the refinance market, which along with first home buyers will be the strongest sectors this year," he said
Mr Rushton said that recent Australian Bureau of Statistics data showed a 17 per cent increase in home owners refinancing year on year to November 2011.
"The key point for the refinance market has always been rates - and the overwhelming sentiment in the market place is that they'll trend downwards in 2012," he said.
Mr Rushton said there still remains a high level of competition for market share by all lenders in the home loan market.
"The major lenders are all offering a variety of products that suit a variety of individual circumstances," he said.
