Business
Step-by-step guide to finding the best mortgage rate – Sydney Morning Herald
A fall in the numbers of people buying homes – and borrowing – also has lenders aggressively vying to steal market share from rivals.
“I encourage people who haven’t already taken up the opportunity to look at their mortgage rate and look for a better deal,” he said.
Many Aussies are already following his advice.In May, there was a 26 per cent jump in the value of refinanced mortgages since the most recent high in April, Australian Bureau of Statistics figures show. Two-thirds of the 34,000 borrowers who refinanced did so with a different lender.
The average $400,000 loan has gone from costing an extra $530,000 in interest a…
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