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Anuj

Anuj

Real Estate Consultant,

NSW: Refinancers in NSW have flocked to the big four banks

16D ago 0 Replies 26 Views
More than two thirds of all refinancing activity in NSW was dominated by the major banks in August 2020, surging by almost 15 percentage points compared with the same month last year, according to the NSW Land Registry Services’ (NSW LRS) Residential Mortgage Activity Report.
That has helped the big four banks gain ground, winning 5,195 – or about 48 per cent more – refinances from competitors than what they had in August 2019.
Mortgage refinancing activity has jumped since May 2020, Jerry Goldfried, NSW Land Registry Services’ director of analytics and insights, said.

“Reports indicate that a large part of this flow relates to the take-up of fixed rate loans – rates on 3-year fixed owner occupier loans are just 2.35 per cent compared to an average discounted standard variable rate loan of 3.65 per cent,” he wrote

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