More people are refinancing their home loan than ever before – here’s why.
Why are people are refinancing their home loan?
With interest rates at historic lows, more homeowners refinancing their home loans than ever before. It’s time to take a second look at your options because many borrowers are asking themselves when they should be refinancing their home loans.
Data from ABS shows that between November 2020 and November 2021 show there was an all-time high of $17 billion dollars loaned out for refinancing home loans compared with just $10 billion the previous November.
Why people are refinancing their home loan? Competition
There’s also a lot of competition out there for refinancing home loans, and with so many new banks entering the market it is getting harder to stand apart from your competitors. Some lenders are offering cash back incentives as well entice consumers into signing up with them over other home loan providers that may not have such offers available!
The economy is set to bounce back, which means that people are once again looking for low fixed rates. Borrowers know these will go up in interest soon enough and want them now while they can still be gotten!
Banks have been crawling over each other trying desperately just so you don’t miss out on your opportunity because of all this demand
Why people are refinancing their home loan? Cheap rates
Homeowners are refinancing in record numbers because of the low RBA cash rate, which has made money cheaper. There’s also competition amongst lenders looking to take advantage of this opportunity and all time high level refinance compared with last year’s data.
Refinancing can be a great way to save on your monthly mortgage repayments. One of the most common types, fixed rate loans have conditions that may not suit everyone’s needs – so it is important you do plenty research before deciding which option would work best for yourself as well as taking into account any other factors such financial stability or future growth plans .
And we can help you go through the fine print, fees and limitations that are important to know about when comparing loan options. We will also determine whether a fixed or variable rate makes more sense for your individual financial situation – it’s all up to what works best with how much time constraints allow!