Refinancing 'is becoming more commonplace'

A greater number of Aussies are looking to compare home loans in the hope that they can find a better deal.

New Australian Bureau of Statistics figures have shown that nearly 18,000 mortgages were refinanced in March 2012, the Inner Western Courier reports.

This is the strongest rate of growth for four years and is a clear sign that people are less than happy with the services they are currently receiving from their lender.

Origin Finance's Graeme Salt told the news provider that a high percentage of his clients are looking to refinance at the moment.

The mortgage market is becoming increasingly competitive, which means Aussies have far more scope to negotiate a more favourable deal.

Recent interest rate cuts sanctioned by the Reserve Bank of Australia have also given home loan customers a helping hand. The central bank has slashed the official cash rate to 3.5 per cent, although few lenders have passed this reduction on to their customers in its entirety.

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