A survey of mortgage brokers by HashChing reveals that 27% have noticed an increase in borrowers refinancing away from CBA, Westpac, ANZ, and other lenders who recently increased their variable rates.
The survey also found that 63% of brokers have noticed an increase in inquiries for fixed interest rate home loan products following the recent rise in variable rates by some lenders.
According to 60% of brokers surveyed, the most common motivator
for clients seeking to re nance was being “financially savvy” and
wanting to shop around for a better deal, while 15% believe that
refinancing is driven by the rising cost of living and 12% who think it is due to recent rate increases.
“The Royal Commission into banking and the recent variable rate hikes have severely battered consumer confidence and trust,” says HashChing’s Siobhan Hayden. “Borrowers are – and rightfully so – more skeptical of the big banks than ever, so it is no surprise that over a quarter of the brokers surveyed have already noticed clients trying to re nance with lenders who have not raised their rates.”