Conveyancing company PEXA has announced that last month was a new record month for refinancing in Australia.
August saw 300,000 refinancing deals completed in Australia, around 10% up year on year and surpassing the previous record, which was set after two rate cuts in June 2020.
95% of refinancing deals are struck using PEXA, giving it a unique ability to survey and assess the current state of the market.
PEXA publishes a Refinancing Index on a monthly basis, breaking down the figures on a state by state basis. Their index saw Queensland up 71.3 points year on year, with South Australia not far behind, up 70.6 on last August.
The ongoing lockdowns, which have given people time to think about their finances and the current low interest rate environments were cited as major contributing factors to the trend.