According to a recent national survey, mortgage loan borrowers refinancing their home loan will be the major source of housing finance activity in 2011. A survey of mortgage brokers found that of 137 Loan Market brokers found that 39 per cent thought investors would be the dominant force in 2011, while only 6% believed first home buyers would be most active. Only one per cent thought finance for construction/renovation would surge.
Home owners on an average $300,000 mortgage can save up to $3,000 a year if they can be bothered switching mortgage lenders to get a better home loan deals. There can be as much as a percentage point difference between the variable home mortgage rates currently on offer at the various banks and it is worth your while to shop around. If you need help refinancing your home loan, speak to a mortgage broker.
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