Australian borrowers are taking flight to refinancing and lowest possible rates as the polical debate on banking competition intensifies.

In the five days since last Tuesday's cash rate move, Australian home loan comparison website HelpMeChoose.com.au has experienced a phenomenal jump in overall enquiries as well as those for refinancing and fixed interest rate home loans.

The number of consumers requesting a home loan comparison increased 335 per cent on the same period of the week prior. The number of unique website visitors overall increased by 194 per cent.

Areas seeing the most noticeable change in activity are 'refinance an existing home' and 'lowest possible' rate. The number of consumers choosing these options increased 500 per cent and 277 per cent, respectively, during the Wednesday to Sunday period when compared to the week prior.

During October 2010, the percentage of those looking to refinance was 30 per cent, a noticeable lift on 26 per cent in October 2009 - the month of the first cash rate rise in this latest series. As at midnight, refinancers now account for 58 per cent.

Chief Operating Officer of Help Me Choose, Justin Hanka, notes the lift in website volume began almost immediately after the Reserve Bank of Australia's surprise announcement.

"We rarely see such a quick response by consumers after a cash rate decision becomes public. It's terrific to observe Australian borrowers already taking flight to home loan industry resources as they seize ownership over their situation and seek to improve it," he said.

"Last week's unexpected interest rate moves are almost certain to be followed shortly by further rate rises. Now really is an ideal time for mortgage holders to move into action and research other home loan options, so they can rest assured they are doing the best thing by their budget.

Meanwhile, emerging reports pointed to a possibility that Australia's major banks are inching their way to some sort of reforms that would see the lowering of mortgage exit fess required from clients wanting to change their loan provider.

As more public attention is attracted by the banking debate, the federal government revealed over the weekend that it would enforce new regulations to push down banking fees, a move characterised by Prime Minister Julia Gillard as a way to encourage a healthier competition in the banking industry.

Australia's banking debates was stoked by the Commonwealth Bank's controversial rates lift as Westpac, ANZ and NAB were expected to follow suit and announce their own share of increase rates this week.

Westpac Banking Corporation chief executive Gail Kelly has said she will appear before a Senate inquiry into competition in the banking industry.