Mortgage Business
Refinances at record monthly high in NSW, Qld
By Malavika Santhebennur
26 July 2021
Refinancing has soared to near record highs across the eastern states amid low-interest rates and prospects of rate rises, according to PEXA research.
Digital property settlements platform Property Exchange Australia’s (PEXA) Refinance Insights for the 2021 financial year (FY2021) has revealed that over 11,000 refinances in NSW and 5,000 refinances in Queensland were completed in June 2021.
These volumes are the highest observed in the past two years, according to PEXA.
In Victoria, nearly 11,500 refinances were completed in June 2021, equalling its previous record in June 2020.
This is significant because the high refinance levels experienced in June 2020 were likely driven by the double interest rate cut in March 2020 triggered by the onset of the coronavirus pandemic, whereas no further rate cuts have been announced so far in 2021.