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Home loan competition heats up as Aussies walk
The rate of borrowers refinancing with another mortgage lender has increased for the fifth consecutive month, as mortgagors look for a better deal, national figures have shown.
Home loan competition heats up as Aussies walk
The rate of borrowers refinancing with another mortgage lender has increased for the fifth consecutive month, as mortgagors look for a better deal, national figures have shown.

The Australian Bureau of Statistics (ABS) reported a 2 per cent increase in the value of new housing finance commitments in October (seasonally adjusted terms) up from $17.8 billion to $18.2 billion.
The increase was driven by a 2.2 per cent rise in the value of new owner-occupied commitments, from $12.8 billion to $13.1 billion.
The value of new investor commitments also increased, up 1.4 per cent, from $5 billion to $5.1 billion.
The ABS also reported a rise in first home buyer (FHB) activity, with the number of new FHB owner-occupied loans rising 1.4 per cent in October, making up 29.9 per cent of all new owner-occupied loans.

The numbers reflect previous research by Mozo, which showed that customers can get a better deal if they left for a more competitive deal.
Ditching a big four bank and switching to the best variable rate on the market could shave well over 100 basis points off your home loan rate and save the typical borrower with a $400,000 home loan close to $4,000 a year over 30 years.
“If you are looking to reduce your loan repayments as soon as possible, it pays to compare rates and switch to the lender offering the most competitive rate you can find,” Mozo director Kirsty Lamont said.
Reflecting on the research, Tim Reardon, chief economist at the Housing Industry Association, attributed the rise in home loan volumes to recent developments in the market, which include rate reductions, changes to lending guidance, and public policy initiatives.
“Stimulus measures, including interest rate cuts, tax cuts and the easing of APRA’s lending restrictions, are having a positive impact on the housing market,” he said.
“The government’s First Home Loan Deposit Scheme will also assist eligible first home buyers to enter the market from January.
“If these conditions remain, the market will stabilise during 2020, at levels well below those experienced in recent years,” Mr Reardon concluded.
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