Rate hike sends borrowers to brokers
The publicity surrounding the majors’ decision to move out of cycle with the RBA has driven increasing numbers of borrowers to visit mortgage brokers.
Figures from Mortgage Choice, Aussie and Loan Market Group show refinancing enquiries have jumped since the majors moved on rates.
Last week Aussie said the number of home owners visiting its website to request an appointment with a broker to refinance their home loan had doubled.
And it is not just the major brokerage groups that have seen a jump in enquiries.
Retail non-bank lenders have also seen enquiries grow.
Opportune branch principal Michael Doyle told Smart Property Investment he had also seen a significant leap in refinancing queries.
“The flight to quality that we saw during the GFC doesn’t seem to be an issue anymore as borrowers are becoming more comfortable shopping around for a cheaper alternative to the majors.”