Refis still alive: MFAA
The MFAA has claimed refinancing is still alive in spite of a flat mortgage market.
The association's newest Home Finance Index has indicated a rise in the proportion of respondents who had refinanced their mortgage.
The survey, which polled 1,139 homeowners, found 24.7% had refinanced their loan in the past two years, and 14.2% had refinanced in the last year. The result is an increase on the previous Home Finance Index.
MFAA CEO Phil Naylor said mortgage brokers can take advantage of refinancing activity.
"Even with a flat property market, there's plenty of work for brokers who are talking to their clients. In times of economic uncertainty, people with mortgages are looking at ways to make their loans more affordable," Naylor commented.
The survey also found that of those respondents planning on borrowing or refinancing in the next three months, 45% would most likely select a variable rate loan.
Fixed-rate loan popularity increased slightly, with 16.3% of respondents indicating they would seek to fix their mortgage, up from 15.5% in January.
Close to one in five respondents said they would fix part of their loan. Interest rates were tipped as the most important factor in the selection of a home loan, with 50.6% of those polled saying rates would guide their choice.
Respondents chose fees and charges as the next most important factor, with 15.5% saying fees and charges weighed most heavily in their decision.