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Refinancing Hits Record High

A record $13.4 billion worth of mortgages held by owner-occupiers were refinanced in November as homeowners sought better deals amid interest rate rises.

ABS data shows the value of owner-occupier refinancing rose 9.1% in November. “More borrowers switched lenders for lower interest rates as the RBA’s cash rate target continued to rise,” says the ABS’ Dane Mead.

Overall, $19.5 billion worth of mortgages was refinanced in November, 20% higher than a year ago and eclipsing the record set in September by almost $1 billion.

RateCity research director Sally Tindall says borrowers are acting to combat rising interest rates. By the start of November, the Reserve Bank had raised the official cash rate from 0.1% in May to 2.85%. It is now at 3.1%.

“Australians are being anything but complacent when it comes to their home loans,” she says. “They’re switching in droves and that’s fantastic to see. The refinance boom has put Australian banks on notice: shape up or customers will jump ship.”

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