Australians Discover Refinance Options

Those who have been considering their refinance options may be encouraged by a recent report from the Real Estate Institute of New South Wales (REINSW).

It seems that Australians are becoming more proactive when it comes to finding better interest rates for their home loans.

March figures from the Australian Bureau of Statistics reveal that there were 17,756 refinanced home loans.

This represents the largest number of refinanced mortgages in one month since April 2008.

On closer inspection of the data, RateCity found that four in every ten refinancing decisions, borrowers switched lenders.

“While there’s still a lot of work to do to make switching easier, it’s clear that Australian borrowers are far more comfortable switching their home loan than ever before,” said RateCity spokesperson Michelle Hutchison.

If you are considering a change to your home loan terms, you may wish to seek the advice of a professional mortgage broker.

These finance specialists have in-depth knowledge about lenders, loan products and borrowing criteria that may impact on your borrowing capacity.

While it is encouraging that more people are able to benefit from switching mortgage terms, it is best to be fully aware of the pros and cons of doing so.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.