Australia home loan refinancing at 3-year high

Australian Business Review

BORROWERS are leaping at the chance that the Reserve Bank will cut its cash rate this year, with more of them looking for better home loan deals.

Home loan refinancing rose to a three-year high of 37.5 per cent of all home loans in December, from 33.5 per cent in September, according to the Australian Finance Group (AFG), Australia’s largest mortgage broker.

This comes after some economists, including those from Westpac, NAB and AMP, changed their forecasts to include two rate cuts from the RBA this year after very weak economic growth figures were released in early December.

Source: www.theaustralian.com.au

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