Finance · EU Weekly
Finder’s research reveals nearly half a million Australian mortgage holders plan to refinance. Nearly half a million Australian mortgage holders plan to refinance as the cash rate hits its highest level in 15 years. Finder’s research revealed 14 per cent of mortgage holders – equivalent to 462,000 people – plan to refinance their home loan with a different lender in the next 12 months.
Refinancing, while lower year on year, accounts for between 60-65 per cent of mortgage sales, compared with about 35 per cent historically. This new build is in over 50s community Gemlife Pimpama in Queensland. It’s for sale with a price tag of $1.25m.
Source: realestate.com.au 82 Riviera Road, Avondale Heights in Victoria is for sale with a price guide of $1.46m to $1.6m. Source: realestate.com.au The figure comes as the Reserve Bank raised the cash rate to 4.6 per cent in September, delivering its fourth rate hike of 2026. A further 9 per cent of borrowers have already refinanced with a different lender in the past 12 months – that’s almost a quarter (23 per cent) of mortgage holders who have either recently switched or are planning to.
MORE NEWS: ‘I was a smart arse’: Culture Kings’ co-founder regrets rejecting $30m ‘Ultra-rare’: $17.5m luxury penthouse unveiled ‘$1.6m by 2036’: Brisbane suburbs tipped to double in value Finder money and home loans expert Richard Whitten Photo: supplied Richard Whitten, money and home loans expert at Finder, said borrowers were scrambling to find relief from rising repayments. “The latest cash rate hike has put even more pressure on household budgets, so it’s no surprise mortgage holders are looking for ways to ease the strain,” Mr Whitten said, “Borrowers are increasingly willing to shop around when their current loan no longer stacks up. “Your home loan is one of the biggest expenses, so even a small improvement in your rate or fees can make a meaningful difference over time.” Finder’s figures show that on a $500,000 home loan over 30 years, a difference of just 0.5 per cent in your interest rate adds up to more than $58,000 over the life of the loan.
More than one in three (34 per cent) mortgage holders said they struggled to pay their home loan in September, according to data from Finder’s Consumer Sentiment Tracker (CST). Finder’s figures show that on a $500,000 home loan over 30 years, a difference of just 0.5 per cent in your interest rate adds up to more than $58,000 over the life of the loan. More than one in three (34 per cent) mortgage holders said they struggled to pay their home loan in September.
Mr Whitten said lenders were changing their rates regularly. “If your repayments are starting to bite, now is a good time to find out whether your current lender is still giving you a competitive deal.” One in ten (10 per cent) borrowers say they are unsure whether they’ll refinance, while 20% per cent have thought about it but haven’t taken the plunge. Almost half (48 per cent) of Aussie mortgage holders have no plans to refinance
Source: Real Estate
