Survey sees a fall in refinancing

Macquarie Mortgages has started to see a fall in refinancing as last year's interest rate rises begin to have an effect. Tim Brown, head of Macquarie Mortgages Australia, said refinancing dropped by 15 per cent in November, when the third interest rate rise in 2006 was announced. The Macquarie Mortgages annual survey, for the 12 months to November 2006, found that over 60 per cent of respondents expected to see high arrears and defaults this year. More than 900 mortgage brokers, financial planners, accountants and others involved in lending were surveyed.