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Borrowers benefit from refinancing

Staff Reporter 4 minute read

Almost 80 per cent of people who change mortgage providers when refinancing their home loan reap the benefits, the latest MFAA/BankWest survey has found.

“About a third of the survey respondents who refinanced their loans changed their loan provider, and a whopping 79 per cent of these people said they benefited from it,” MFAA CEO Phil Naylor said.

“It is a very competitive market at the moment and there can be great benefit in people shopping around and re-examining their home loan provider and product periodically,” he said.

The survey also found that 32.4 per cent of respondents looking to borrow or refinance within the next six months would select a fixed-rate home loan. This compares to 28.3 per cent six months ago.

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“The results from the survey are distinct indications of the instability and uncertainty in the market at the moment,” said Naylor. 

Borrowers benefit from refinancing
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