Refinancing On The Rise

Latest Australian Bureau of Statistics housing finance figures show a 3.5% rise in refinancing in November following the spate of out-of-cycle rate increases by the major banks in October.

TD Securities chief Asia-Pacific Macro Strategist Annette Beacher said refinancing rose 3.5% in November and 15.6% over the year.

The number of homeowners moving to fixed-rate mortgages for two years or longer has also risen from 9.1% to 11.4% –  a sign that many believe we have hit bottom on interest rate levels.

Of the $1.449 trillion Australians owe on property, 63% is made up of owner-occupiers and 37% investors.

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