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Australian homebuyers refinancing their home loans   Article Date :28 Aug 2006 Info from latest MIAA/BankWest Home Finance Survey A growing number of Australian homebuyers are refinancing their home loans and gaining benefits such as lower interest rates, the latest MIAA/BankWest Home Finance Survey has found. The national survey of 842 respondents shows that 67 percent of homebuyers have refinanced within the last three years – a significant increase from the number of refinances recorded a year ago. Mortgage Industry Association (MIAA) Chief Executive Officer, Phil Naylor, says satisfaction levels are also on the rise. “An overwhelming 98 percent say they have benefited from refinancing compared to 78 percent a year ago, indicating more home buyers are making smart decisions when it comes to their finances. “Lower interest rates and better loan terms and conditions were the biggest benefits, recorded by 67 percent of respondents, while more than half (55 percent) said lower fees were a key benefit of refinancing. “Considering the recent interest rate rise and speculation of another one before Christmas, this is an opportunity for home buyers to review their current mortgage arrangements to ensure they have the best deal for their current situation.” The survey shows refinancing is driven mainly by home renovation (21 percent), seeking an investment property (20 percent), finding a better rate (17 percent) and needing more funds (17 percent). BankWest Head of Broker Sales, Phil Colton, said an increase in competition and the different types of home loan products now available has seen a rise in the number of customers refinancing their home loans. “From January to July 2006, BankWest has seen an increase of 32 percent for total loans written for refinancing,” Mr Colton said. “Customers no longer feel locked-in by their home loan provider and are able to move around and find the best rate and product on offer.” CLICK HERE TO RETURN TO THE MAIN NEWS PAGE