According to NSW Land and Registry Services, refinancing activity has increased since the onset of COVID19. The big four banks accounted for the majority of refinances with 66.9% of the share.
Refinancing activity surged in May this year and has maintained steady in the months following, even though we are in a period where many Australians are choosing to defer their mortgage repayments.
Overall, the trend is not unsurprising as refinancing is a great method for reducing your outgoing expenses, and easing some financial burden in this difficult time.
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