If you’re concerned your mortgage interest rate is too high, you might want to follow the lead of many other Australians by refinancing.
Home loan borrowers refinanced $18.6 billion of loans in January, according to the latest data from the Australian Bureau of Statistics. As the graph shows, that’s one of the highest figures in history.
The main reason so many people are refinancing is to switch to a loan with a lower interest rate.
Mortgage brokers work with dozens of lenders, so there’s a good chance a broker can find you a similar loan product with a lower rate. A broker can also advise you on whether refinancing would be suitable for your situation.
