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Refinancing works for most borrowers

03/09/2010

Sixty eight per cent of people who recently refinanced their home loan were able to find a loan with a lower interest rate, according to Mortgage Choice. Of these, almost one-quarter were saving more than $300 a month while close to nine in 10 were saving more than $50 a month.

"With a recent spate of rate rises and the possibility of more before 2011, plus a renewed focus on mortgage exit fees, it is no surprise Australians are refinancing to a cheaper mortgage deal and/or one that better suits their current needs and goals," said Mortgage Choice’s Kristy Sheppard.

"Impressively, more than two-thirds of respondents locked in a reduced interest rate upon refinancing, thereby lowering their minimum repayment level. Of these, 42 per cent reduced it by 1 percentage point or more."

Source: The Age



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