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Refinancing has jumped 12.6% – here’s why…

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“Refinancing activity has remained at record highs in recent months, as borrowers continued to switch lenders amid interest rate rises,” according to the Australian Bureau of Statistics (ABS).

Owner-occupiers and investors refinanced a combined $20.2 billion of loans with external lenders in June, the ABS reported.

While that was 3.1% lower than the month before, it was 12.6% higher than the year before.

Refinancing (seasonally adjusted), values, Australia

More significantly, the last 14 months have been the 14 biggest months in refinancing history.

Unfortunately, interest rate rises are affecting a lot of households at the moment. That’s why refinancing can be such a smart strategy. I can take a look at your existing loan and situation, compare the market and potentially present some options that may save you money.