Refinancing 'on the rise'
It found that refinancing packages made up 22.1 per cent of all home loans in 2007-8, up from a figure of 17.6 per cent in the year before, according to News.com.au.
Mark Lewis, managing director of Bernie Lewis Home Loans, noted: “This indicates that people recognise that better deals may be available and they are seeking them out.”
Furthermore, he said that inflating petrol and utility bills were forcing consumers to look at ways to reduce their outgoings and mortgage refinancing seems to be a good way of doing just that.
In other news, it has been announced that Commonwealth Bank of Australia is to purchase a 33 per cent holding in the mortgage broker Aussie Home Loans.
According to Reuters, the group has been looking at possible investment opportunities that have arisen because of the global credit crisis.