Mortgage holders are taking advantage of the current low interest rate environment by refinancing at a rapid rate, according to 1300HomeLoan managing director, John Kolenda.
Kolenda says refinancing enquiries have grown by 28% over the past three months, largely due to the RBA’s reduction of the official cash rate to record lows. Banking competition and the ‘wide range’ of home loan products offering ‘attractive rates’ are also making for ideal refinancing opportunities, he says.
"Australian mortgage holders are traditionally reluctant to consider shopping around for an alternative home loan unless they can be convinced that they will make significant savings," says Kolenda. "But we are seeing a lot more refinancing activity with consumers prepared to shop around for the best deals and not sit back and wait for another RBA rate cut."