Homeowners are jumping ship in record numbers, with June seeing the highest wave of
refinancing since records began. What’s driving it? Tempting cashback offers, shorter loan options, and fewer break fees are making it easier (and often cheaper) to swap banks.
In June alone, more than $2.5 billion in mortgages were refinanced, a new high since 2017. And with plenty of fixed terms coming up for renewal over the next 12 months, it looks like the trend is far from slowing down.
Banks are still using cashback deals to win new customers, and with advisers like me in your corner, comparing offers and making the switch has never been simpler.
It’s not just about refinancing either. Total mortgage lending for June hit $8.3 billion, which includes top-ups and purchases too. First-home buyers remain active, with many getting across the line even with less than a 20% deposit.
On the bright side, interest-only lending, often seen as a warning sign for financial pressure, is sitting well below the peaks we saw a few years back, which suggests the market is in steadier shape.
Looking ahead, refinancing is likely to keep humming. With rates easing back, some
households will choose to keep repayments steady and shave years off their mortgage, while others will pocket the savings for their day-to-day.
Thinking about whether a switch could work in your favour? Let’s talk it through and see if a sharper deal is out there waiting for you.