Mortgage refinancing activity in Australia reached record levels following the rapid interest rate increases of 2022 and 2023, as borrowers sought to secure better rates or switch from expiring fixed rate loans to variable products.
The Australian Bureau of Statistics Lending Indicators tracks external refinancing monthly across all states and territories, showing the value and number of loans refinanced.
The benefits of refinancing include accessing a lower interest rate, consolidating debt, accessing equity, or switching between variable and fixed rate products. Refinancing involves costs including application fees, discharge fees, and break costs on fixed rate loans.
Data sourced from Australian Bureau of Statistics Lending Indicators and APRA Quarterly ADI Statistics. Updated monthly.