Owner occupiers ignite a refinancing boom

Right now there is a refinancing boom as owner-occupiers respond to aggressive marketing from lenders by shopping around for new loan deals in big numbers.

The Australian Bureau of Statistics reported a boom in that new lending to owner-occupiers in August 2015. The value of new owner-occupier loans went up 6.1 per cent.

Home loans are also getting bigger and the average loan is now over $370,000.

Source: Banking Day