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81% of brokers say refinancing on the rise

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Sarah Simpkins 4 minute read

Eight in 10 brokers have observed an uptick in refinancing activity since December, according to a new poll.

A new poll conducted by broking platform HashChing has found that 81.5 per cent of brokers have seen more customers shopping around for different lenders and refinancing.

While brokers reported a continued appetite for refinancing, the vast majority (85.7 per cent) of brokers said they do not believe the Reserve Bank will change the cash rate for the rest of the year. Indeed, the RBA has previously stated that it does not expect to lift rates until 2024 or later or until inflation increases to between 2 per cent and 3 per cent.

More than half of brokers (57.7 per cent) had also clocked a higher demand for their services amid the current housing market uptick.

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Meanwhile, around 42.3 per cent of brokers had seen an increase in enquiries around investment loans (however, the remaining 57.6 per cent reported no change).

HashChing chief executive Arun Maharaj commented that broker sentiment is generally high, with most being confident of a continued strong market in 2021.

“Our broker network has never been busier. It’s clear that customers across the country are looking for good deals and great service and are actively exploring their options in the housing market,” Mr Maharaj said.

“There’s good evidence suggesting customers want to partner with professionals to guide them through a multitude of choices in an environment which is conducive for refinancing.”

Brokers are generally not feeling threatened by the banks and other direct lenders, HashChing also noted. According to the survey, two-thirds (66.7 per cent) of brokers said they expected that the segment will grow or hold firm, but a third said they expect there will be fewer brokers in the long term.

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More than 40 per cent (44.4 per cent) of the respondents said their brokerages have plans to invest in technology for sales and marketing, while 29.6 per cent have intentions to boost their headcount. The same proportion also plan to invest in staff professional development, while 22.2 per cent have said they will invest in their office or work space.

Almost half (44.4 per cent) have no plans to invest in the same staff, office and technology factors.

[Related: The refinance rush]

81% of brokers say refinancing on the rise
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