Nearly one quarter of Australian mortgage holders are looking around for cheap mortgage products and considering refinancing their current loan, according to a recent survey by Mortgage Choice.
24 per cent of respondents are considering refinancing and 36 per cent of these have had their home loan for four or less years.
Belinda Williamson, Head of Corporate Affairs at Mortgage Choice, said “Of those considering refinancing their current home loan, 45 per cent of respondents said they would switch to a cheaper loan.”
22 per cent said they were considering refinancing to lower their repayment level, 21 per cent were looking at consolidating their debts and 19 per cent wanted to lower their fees.
Source: Bankheadlines.com.au