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ISCOVER
Staff Reporter
Brokers are seeing a significant increase in the number of home owners refinancing their mortgage, new research has found.
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According to the latest Bankwest/MFAA Home Finance Index, one in four Australians have refinanced their loan in the past two years, while 14.2 per cent had refinanced in the previous year.
“Even with a flat property market, there’s plenty of work for brokers who are talking to their clients,” MFAA chief executive Phil Naylor said.
“In times of economic uncertainty, people with mortgages are looking at ways to make their loans more affordable.”
Bankwest’s head of specialist banking Ian Rakhit agreed and said brokers were in a prime position to help borrowers refinance their mortgage by offering expertise, convenience and above all else choice.
The Home Finance Index showed that of those looking at borrowing or refinancing in the next three months, 45 per cent would be most likely to select a variable rate loan, similar to the last survey in January.
Fixed rate loans continue to be the least popular option (16.3 per cent), although it represented a slight increase on January (15.5 per cent). Around one in five respondents opted for a mixture of fixed and variable rate is the key, allowing them to enjoy benefits of both options.
"Bankwest continues to be committed to the broker market and to offering products which brokers tell us is what they are looking for when discussing options with their customers,” Mr Rakhit said.
