First-time buyers keen to refinance, study shows
More young Aussies are surveying their refinancing options within two years of entering the property market, it has been claimed.
New research undertaken by LJ Hooker Finance has shown that 46 per cent of people are looking for new home loans just a short period after taking out their first ever mortgage, News Limited reports.
Head of finance at the firm Peter Bromley said this is normally because personal finances change during this period.
Additionally, many youngsters opt for convenience when taking out their first home loan and plenty just go with the same provider as their parents without comparing different options in order to get the most affordable rate.
The Australian Bureau of Statistics recently revealed that the uptake of mortgages is on the rise across the country, with the number of home loans being secured in December 2011 growing by 2.3 per cent.
"[Their mortgage] is probably through their parents' bank… they go where they find the opportunity," Mr Bromley concluded.
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