Mortgage cliff piling stress onto borrowers
Borrowers are refinancing in record numbers as their lower-priced fixed rate loans end, only to be switched to higher priced variable rates.
Many borrowers are precariously placed as they face the end of their lower fixed rate mortgages and imminent and higher variable rate loans. (Image source: Shutterstock.com)
A Google analysis in 2022, conducted by a Queensland bank, found that the number of people searching the term ‘refinancing’ had increased by a staggering 5,000 percent.
Helen Avis, Director of Finance, SMATS Group
Lending indicator data released Friday (13 January) from the Australian Bureau of Statistics (ABS) shows a whopping $19.5 billion worth of mortgages were refinanced in November – the highest monthly amount in Australian history.
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