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Dwelling refinancing activity up

by Staff Reporter7 minute read

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.

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