Interest Rate Hikes Spur Record Growth in Australian Refinancing

Interest Rate Hikes Spur Record Growth in Australian Refinancing
Prospective buyers attend an auction of a residential property in Sydney, Australia, on May 8, 2021. Lisa Maree Williams/Getty Images
Alfred Bui
Updated:

Australia is witnessing the refinancing boom expand further as more and more homeowners switch lenders to cope with the central bank’s current interest rate hike cycle.

The total value of owner-occupier refinancing activities across the country broke an Australian Bureau of Statistics (ABS) record when it jumped 9.1 percent to $13.4 billion (US$9.32 billion) in November 2022.
Alfred Bui
Alfred Bui
Author
Alfred Bui is an Australian reporter based in Melbourne and focuses on local and business news. He is a former small business owner and has two master’s degrees in business and business law. Contact him at [email protected].
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