australia new home

According to the Aussie Home Loans figures, the number of new home loans and refinance activity by investors in Australia decreased by 10 percent in December compared to the last year.

The slack has been more than taken up by a 6.5 per cent rise in first home owner purchases and an astonishing 27.6 per cent rise in owner-occupiers refinancing their mortgages in the December quarter.

Chief Executive of Aussie, Mr James Symond, said “We expect the refinancing and owner-occupier purchases to continue to grow in 2016 as borrowers become more confident that the current historically low interest rate conditions will continue well into the year.

“Borrowers are getting the message that now is the right time to save money on their mortgage repayments through refinancing, with many continuing to make payments at higher levels to get ahead on their mortgage,” he concluded.

Mr Symond said “Our figures show that more and more of our customers are taking advantage of record low interest rates. They are actively seeking out and securing themselves a better deal, saving tens of thousands of dollars in many circumstances.

Based on Aussie’s average refinance loan size of $525,331, the average 0.71 per cent rate saving equates to $240 on monthly repayments on a 30 year loan.

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