Dwelling refinancing activity up

Refinancing activity increased in April over the previous month, according to new figures released by business research house RFi.

14,652 dwellings were refinanced in April – 528 more than in March – representing a 3.7 per cent increase.

The actual value of refinancing activity was also up, by 5.4 per cent to $3.7 billion, with the average value of a refinanced loan up by 1.6 per cent to $253,945.

The average value of bank-arranged refinancing in April 2011 was, however, down 2.2 per cent to a value of $260,633 (not seasonably adjusted).

Banks were responsible for 12,173 of dwellings refinanced. This was a fall by 7.3 per cent from the 13,132 loans in March. The combined value of refinancing activity for banks was down 9.3 per cent to $3.2 billion.

Non-bank lenders also experienced falls in refinancing activity, with a 14 per cent fall in the number of refinanced loans and the aggregate value of refinancing down 4.2 per cent.

The average size of a non-bank refinanced loan was $176,310 in April 2011, RFi said, representing an 11.8 per cent increase for the month.