Aussie Home Loans Says Refinancing Of Mortgages Has Risen

Post by NeilMc on July 21, 2009 · Under Australian Economy, home loans, interest rates, loans, mortgages · Comment 

Non banking finance company, Aussie Home Loans has said there has been a large increase in the number of mortgage holders who wish to refinance their homes, as borrowers try to take advantage of interest rates which are at half century lows.

The mortgage lender said that 38.5 per cent of home loans written in June were for refinancing. A figure which had increased from 30.2 per cent in March.

“There have been plenty of home owners who have been complacent about their mortgages, but our figures show that more and more of them are taking advantage of record interest rate lows and are actively seeking out the best deal.” executive chairman John Symond said on Tuesday.

The number of first time home buyers however fell to 21.3 per cent of total loans disbursed during the month of June. The number of first time home buyers in March stood at 32 per cent.

“The steam has abated in the first home buyer market as many of them realise that the properties available are probably already at full price, they are reassessing the market.” Mr Symonds said in a statement.

Aussie Home Loans is one of the largest non bank mortgage lenders in the country and has a portfolio valued at over $30 billion.

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