Many Australian homebuyers want to refinance their home loans but a high level of apathy could be holding them back, the latest MFAA/BankWest Home Finance Index has revealed.
“Nearly half of the respondents from our survey said that they expected to refinance in the next three months as a result of rate increases,” Phil Naylor, MFAA CEO said.
However, the survey also found a significant level of confusion was resulting in a reluctance to actually refinance.
23.2 per cent of respondents regarded all lenders as the same and therefore saw no point in making a change to their lender. 13 per cent also felt the number of fees associated with changing lenders was too high.
Those borrowers making the move to refinance were generally pleased with the result however: 60 per cent who had changed lenders said they had benefited from the move.