The latest figures from the Australian Bureau of Statistics show 33,712 owners refinanced their mortgages in a single month, around a quarter higher than the previous month and around 50 per cent above normal levels.
Nearly two in three of those were switched from one lender to another, as customers voted with their feet for the best deal.
But even where borrowers stay with their bank, they are increasingly negotiating a better deal from their existing lender. Research by the Reserve Bank shows that the interest rate on many current loans now begins with a 3.
Over the next 12 months, property values may well go down – but the amount we owe the banks will remain the same. Many Aussies have made the most of their enforced isolation by negotiating better deals. If you haven’t done so already, now is the time to discuss it with your Origin broker on 1300 30 67 67, or contact us here.