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Mortgage refinancing activity has jumped as borrowers abandon their lenders in search of better home loan deals. Despite a subdued lending market, greater competition among banks more willing to negotiate on rates and exit fees has prompted a 5 per cent increase in refinancing in the year to March. Although many Australians are struggling to meet their mortgage repayments, 658 more borrowers refinanced in March compared to 12 months ago, Australian Bureau of Statistics figures show.
Refinancing now accounts for about one in three home loans sold. Across Australia, Victoria had the highest proportion of refinanced home loans in March with 34 per cent, followed by Queensland and Western Australia both with 30 per cent, according to comparison site RateCity. In New South Wales, 29 per cent of home loans were refinanced packages, while Tasmania, the Northern Territory and the Australian Capital Territory had the least number of refinancing activity at 26 per cent.
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