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Staff Reporter
A flat property market is not deterring home owners from seeking refinancing, according to the latest Bankwest/Mortgage Finance Association of Australia (MFAA) Home Finance Index.
The report, which surveyed more than 1,139 respondents, revealed that one in four had refinanced their loan in the past two years and 14.2 per cent had refinanced in the previous year.
The index found of those looking to borrow or refinance in the next three months, almost half would be most likely to select a variable rate loan, similar to the last survey in January.
Fixed rate loans continued to be the least popular option (16.3 per cent), although it represented a slight increase on January (15.5 per cent). Around one in five respondents (18.9 per cent) opted for a mixture of fixed and variable rate.
In addition, 50.6 per cent of borrowers believe interest rates are by far the most important factor to consider when selecting a mortgage product, while only 15.6 per cent said fees and charges will ultimately sway their decision.
"In times of economic uncertainty, people with mortgages are looking at ways to make their loans more affordable," MFAA chief executive Phil Naylor said.
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