Refinancing activity by homeowners changing lender sets a record

PEXA figures show that Australians have set a new record for refinancing mortgages in the quarter to September as homeowners race to make the most of ultra-low rates.

New figures of external refinances (when a homeowner switches to a new lender) prepared for the Australian Financial Review show an increase of 28% over the previous quarter.

In the numbers released by PEXA, Victorian suburbs like Tarneit, Point Cook and Craigieburn lead the way – making Victoria outstrip the other states with refinance numbers, hitting nearly 40,000 refinances during the period.

PEXA refinancing data by state

VIC         37,814

NSW      36,245

QLD        18,027

WA         9125

SA           7,232
^{(figures contain only data from PEXA platform)}

Official ABS statistics are expected later this morning.