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๐—ฅ๐—ฒ๐—ณ๐—ถ๐—ป๐—ฎ๐—ป๐—ฐ๐—ถ๐—ป๐—ด ๐—”๐—ฐ๐˜๐—ถ๐˜ƒ๐—ถ๐˜๐˜† ๐—ž๐—ฒ๐—ฒ๐—ฝ๐˜€ ๐—ฅ๐—ถ๐˜€๐—ถ๐—ป๐—ด

Home owners refinanced a record $21.5 billion of mortgages in July, according to the latest data from the Australian Bureau of Statistics.

That beat the previous record of $21.2 billion, which was set in March.

Breaking down those numbers, owner-occupier refinancing (the middle line in the graph) also reached a new high in July, although investor refinancing (the bottom line) was slightly below the previous record.

One reason refinancing activity is so strong right now is that a lot of borrowers are coming to the end of fixed-rate loan terms that began in 2020-21 โ€“ when interest rates were much lower โ€“ and are reverting to much higher variable rates. As a result, mortgage brokers are now helping those borrowers refinance to lower variable rates with other lenders.

Subiaco finance brokers are here to help

Interest rate rises are here, but you donโ€™t have to fear with the right broker on your side.

The team at Sonam Capital are here to empower you through financial knowledge. Weโ€™ll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.

Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.

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