Millennials are proving to be better at managing their finances than previously thought.
According to data from comparison website Finder, 30% of those surveyed aged between 18 and 39 said they would refinance in the next 12 months to save money on their mortgages. That compares to 2% of Baby Boomers who said they would speak to their lenders.
Bessie Hassan, money expert at Finder, said the Millennials were looking to take advantage of lower interest rates. “A new benchmark is emerging – we are seeing more home loan rates that start with ‘2’ than ever before and that’s the case with both variable and fixed loans,” she said.
The research also shows that 8% of Generation Z (younger than 24) and 10% of Generation Y (aged between 25 and 39) were keen to start saving now with plans to refinance in the next two to six months.
“Even the slightest reduction to a home loan rate could equate to thousands of dollars in savings over the life of the loan — so don’t be complacent,” Ms Hassan says.