๐ฅ๐ฒ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ป๐ด ๐๐ฐ๐๐ถ๐๐ถ๐๐ ๐๐ฒ๐ฒ๐ฝ๐ ๐ฅ๐ถ๐๐ถ๐ป๐ด
Home owners refinanced a record $21.5 billion of mortgages in July, according to the latest data from the Australian Bureau of Statistics.
That beat the previous record of $21.2 billion, which was set in March.
Breaking down those numbers, owner-occupier refinancing (the middle line in the graph) also reached a new high in July, although investor refinancing (the bottom line) was slightly below the previous record.
One reason refinancing activity is so strong right now is that a lot of borrowers are coming to the end of fixed-rate loan terms that began in 2020-21 โ when interest rates were much lower โ and are reverting to much higher variable rates. As a result, mortgage brokers are now helping those borrowers refinance to lower variable rates with other lenders.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
