According to a recent survey, finding a cheaper home loan is the biggest motivation for refinancing. Other reasons for switching home loans included debt consolidation, funding a renovation and buying an investment property.
Mortgage and Finance Association of Australia (MFAA) chief executive Phil Naylor said yesterday that its brokers had been "inundated" with inquiries.
"There is no doubt consumer sentiment is building as borrowers look for ways to offset rising interest rates and shop around for a better home loan deal, " said Mr Naylor.
The main reasons for refinancing a home loan included:
- 24% of respondents said they were after a cheaper home loan
- 11% said it was to consolidate their debt
- 10% said it was to fund a renovation
- 9% needed a refinanced home loan to buy an investment property
- 8% required funds for other reasons
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