Mortgage holders flock to get their loan refinanced on much needed rate relief
Fresh data released by Mortgage Choice shows there was a 22 per cent spike in the number of Australians looking to refinance over the June quarter thanks to an interest rate cut in May.
Mortgage Choice chief executive Anthony Waldron says the same could happen if the RBA reduces the official cash rate on Tuesday after its August meeting.
'The Reserve Bank is expected to deliver another cut to the cash rate at its August meeting, which should encourage more borrowers to see if they can access a better rate on their home loan,' he said.
'This aligns with findings from the survey data, which show that 72 per cent of homeowners review their home loan at least once a year, up from 59 per cent a year ago.'
According to Mortgage Choice, 49 per cent of Aussies chose to refinance their mortgage to lower their interest rate, while 11 per cent wanted to consolidate debts and 10 per cent wanted to lock in a fixed rate or switch from fixed to variable (or vice versa).
Separate data released by the Australian Bureau of Statistics shows over the first quarter, $60bn worth of home loans with an estimated 97,835 loans were refinanced with a new lender.
That's a 3.1 per cent increase in both the value and number compared with the December quarter.
The next quarter stats are due out on Wednesday.
Should Aussies refinance
Mortgage holders who can afford to keep up with their repayments could be thousands of dollars better off in the long-term.
Research released by Canstar shows the average Australian borrower with $600,000 debt could save $272 a month on their repayments if there is a third interest rate cut.
But if that same owner kept the additional $272 a month on their mortgage, they could be out of debt three years and three months earlier.
They would also pay $76,536 less in total interest over the life of their loan.
Australians are being reminded of the benefits of paying more than needed on their monthly repayments ahead of Tuesday's highly predicted rate cut.
At the time of writing, the money market had factored in a near 95 per cent chance of rate cut, when the central bank announces their cash rate decision at 2.30pm.
Canstar data insights director Sally Tindall said while a predicted third interest rate cut 'will give real relief' to struggling households, those in a financial position could be significantly better off if they hold their payments.
'For those managing to hold their budgets together, consider keeping your repayments exactly the same,' Ms Tindall said.
'Every rate cut is another opportunity to invest back into your mortgage and potentially be debt-free months, if not years early.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
15 minutes ago
- News.com.au
Inside Seven's big Block poaching gamble for viewers
Channel 7 is raiding its rival's tool shed, and it's hard not to call it a Blockxodus. In a major reality TV shake-up, former The Block judge Neale Whitaker will front the 2026 season of My Reno Rules, jumping to Seven after more than a decade critiquing Nine's flagship renovation hit. He was replaced by Whitefox chief executive Marty Fox in 2023, with Whitaker guest appearing in the 2023 and 2024 seasons respectively. Joining him on the judging panel is Cohen Handler co-founder Simon Cohen – the same agency where fellow former Block buyers' advocate Nicole Jacobs is now managing director for Victoria. Ms Jacobs famously sold her own Hampton home, along with several of her neighbours' properties, to The Block in 2021. Interiors stylist Julia Green completes the line-up, bringing her bold, magazine-perfect designs and industry clout from years at the helm of her Greenhouse Interiors brand. Earlier this month Seven announced LMCT+ founder Adrian 'Lambo Guy' Portelli is stepping in as principal sponsor and will take the spotlight in the show's live grand final. Portelli made headlines last year splashing more than $27m on eight Block homes and gifting $50,000 to Sunrise host Alex Cullen in a stunt that ended the presenter's Nine career. For My Reno Rules, he will give away two multimillion-dollar homes to viewers in a finale Seven is banking on to rival The Block's Sunday auction night event. Industry sources say the 2026 season will see four teams transforming two rundown Melbourne homes under the watch of host Dr Chris Brown, competing for a major cash prize while viewers have the unprecedented chance to win one of the finished properties. Whitaker's defection is the most high-profile of the moves, while Cohen's professional link to Jacobs ties the series even more closely to Nine's property empire. The changes come as The Block faces its own challenges, with insiders pointing to softening property markets and the underperformance of spin-offs such as Listing Melbourne. While that show tried to channel the glamour of Luxe Listings Sydney where Cohen was a central figure, it never connected with audiences. An industry insider told the Herald Sun there was 'plenty of curiosity' about how the format will perform, but warned Seven faces a mammoth task. 'People are interested, but The Block is a juggernaut, it's been unbeatable for years and My Reno Rules has existed in various forms for over a decade,' the source said. 'This is a big swing, but whether it lands is another story. 'Seven's gamble is clear. Stack the line-up with personalities Block fans already know, add Portelli's high-octane profile, and hope the format finally hits its stride.' Meanwhile, the source revealed Mitre 10 is reportedly in talks to come on board as a major sponsor after being shunned by The Block in favour of Bunnings this year. A deal would give Seven another direct link to its rival's past, and the hardware chain a chance to reclaim prime time renovation turf it once dominated. My Reno Rules will air on Channel 7 in 2026.
News.com.au
15 minutes ago
- News.com.au
Break it Down: ClearVue has lofty goals for its new rooftop solar solution
Stockhead's Break it Down brings you today's leading market news in under 90 seconds. In this episode, host Tylah Tully breaks down the latest developments out of ClearVue Technologies (ASX:CPV), who have launched an innovative new rooftop solar solution designed for use on metal roofs. Watch the video to learn more. While ClearVue Technologies is a Stockhead advertiser, it did not sponsor this content. Originally published as Break it Down: ClearVue has lofty goals for its new rooftop solar solution
News.com.au
15 minutes ago
- News.com.au
Lunch Wrap: ASX on fire at record 8900, energy stocks soar ahead of Trump-Putin talks
ASX hits record 8,900 points and keeps going Energy stocks on fire on the eve of Trump-Putin talks ANZ cashes in, and Baby Bunting surges The ASX 200 was up 0.42% by the middle of the day in the east, hitting fresh record highs above 8,900 points. Over on Wall Street last night, the mood had cooled a touch. US producer prices (PPI) came in hotter than expected, which took some fizz out of the 'rates are definitely coming down' party. Bitcoin, meanwhile, took a 4% haircut after Thursday's record surge past US$124,000. The hotter PPI data cooled hopes of aggressive Fed cuts, sending crypto punters back to their seats. Back home, the utilities sector was leading the pack as Origin Energy (ASX:ORG) lit up once again. Its share price has jumped another 2% after unveiling a strong FY26 outlook yesterday. The energy sector was also leaping ahead, helped along by rising oil prices (+2%) after Trump warned Putin of 'severe consequences' if today's talks in Alaska flop. Meanwhile in earnings season news, Australia and New Zealand Banking Group (ASX:ANZ) gave the market something to chew on after booking a $19 billion bounce in customer deposits for the June quarter, mostly from institutional clients. Loans were up $16 billion, too, proving there's still plenty of activity in the engine room. ANZ shares were up 1%. Cochlear (ASX:COH) dropped its full-year numbers and tried to play the 'steady as she goes' tune, but the market wasn't exactly dancing. Net profit came in at $392 million, technically up 1%, but still shy of the $400 million consensus. Cochlear's shares were down 0.85%. Still in large caps, property developer Mirvac (ASX:MGR) slipped 1% despite swinging back into profit with $68 million in net earnings, as revenue fell 10% for the year. Packaging giant Amcor (ASX:AMC) plunged a brutal 10%, even with sales surging 43% thanks to its Berry Global acquisition. And finally, fundie WAM Capital (ASX:WAM) found itself in the slightly awkward position of underperforming its benchmark, but still bumping its dividend to 9.4 cents. Investors always like a good dividend story, even if the short-term scoreboard doesn't sparkle. WAM's shares were up 0.5%. ASX LEADERS Today's best performing stocks (including small caps) intraday: Security Description Last % Volume MktCap LU7 Lithium Universe Ltd 0.013 63% 24,833,999 $11,487,837 EEL Enrg Elements Ltd 0.002 50% 16,499,945 $3,253,779 AQX Alice Queen Ltd 0.004 33% 150,526 $4,154,089 ASR Asra Minerals Ltd 0.002 33% 209,898 $6,000,297 BPH BPH Energy Ltd 0.016 33% 15,475,240 $14,618,794 C7A Clara Resources 0.004 33% 2,027,954 $1,764,813 JAY Jayride Group 0.004 33% 2,507,423 $4,283,667 PRM Prominence Energy 0.004 33% 127,500 $1,459,411 BBN Baby Bunting Grp Ltd 2.460 33% 3,199,126 $249,601,932 MGU Magnum Mining & Exp 0.009 29% 502,325 $16,226,260 GTE Great Western Exp. 0.015 25% 4,264,312 $6,813,095 ARV Artemis Resources 0.005 25% 1,488,055 $11,462,689 QXR Qx Resources Limited 0.005 25% 200,230 $5,241,315 EDE Eden Inv Ltd 0.050 24% 259,995 $13,269,699 NOV Novatti Group Ltd 0.040 21% 6,524,537 $18,479,947 BUY Bounty Oil & Gas NL 0.003 20% 7,993,533 $3,903,680 DBO Diabloresources 0.024 20% 7,387,064 $3,362,317 KP2 Kore Potash PLC 0.065 18% 476,980 $31,778,924 ADD Adavale Resource Ltd 0.026 18% 1,361,500 $4,021,189 ATV Activeport Group 0.027 17% 70,942,070 $15,800,473 CGR CGN Resources 0.070 17% 324,763 $5,446,691 Alice Queen (ASX:AQX) has officially lodged and registered a 15-year mining lease application for its Horn Island gold project in Queensland's Torres Strait. The application, through its 84.5%-owned arm Kauraru Gold, covers 445 hectares and targets gold, copper and silver. Managing director Andrew Buxton said the move comes as strong partner interest builds, with the lease marking the culmination of a decade of work now locked in as MLA 100454 – Horn Island. Baby Bunting (ASX:BBN) closed FY25 with pro forma NPAT of $12.1m, up 228% and at the top of guidance, on record sales of $521.9m. Gross margin jumped to 40.2%, while its 'Store of the Future' refurbs lifted sales 28%. Net debt fell to $4.6m, and FY26 profit is tipped to rise further to $17–20m as more refurbs and new stores roll out. Great Western Exploration (ASX:GTE) has zeroed in on what looks like the potential core of a large VHMS copper-gold system at its Oval Targets, right near Sandfire's old DeGrussa deposit. A close-spaced gravity survey lit up a strong anomaly that lines up perfectly with the most prospective horizon defined by earlier drilling, exactly where you'd expect a 'black smoker' copper-gold system to sit. With $2.7 million cash in the tank, the company says it's well set to push ahead. ASX LAGGARDS Today's worst performing stocks (including small caps) intraday: Code Name Price % Change Volume Market Cap PET Phoslock Env Tec Ltd 0.015 -40% 11,644,004 $15,609,763 LNU Linius Tech Limited 0.001 -33% 700,000 $9,751,824 BIT Biotron Limited 0.003 -25% 700,000 $5,308,983 MBK Metal Bank Ltd 0.010 -17% 1,024,858 $5,969,508 PIL Peppermint Inv Ltd 0.003 -17% 1,107,370 $6,994,230 VEN Vintage Energy 0.005 -17% 3,000,000 $12,521,482 BEL Bentley Capital Ltd 0.011 -15% 444,000 $989,663 DRE Dreadnought Resources 0.011 -15% 859,884 $66,033,500 AVE Avecho Biotech Ltd 0.006 -14% 1,087,685 $22,214,246 CHM Chimeric Therapeutic 0.003 -14% 7,595,592 $11,390,956 ENV Enova Mining Limited 0.006 -14% 535,150 $11,053,200 TYX Tyranna Res Ltd 0.003 -14% 100,000 $11,697,542 VKA Viking Mines Ltd 0.006 -14% 37,000 $9,407,641 WA1 Wa1Resourcesltd 16.660 -14% 797,706 $1,322,194,108 TZL TZ Limited 0.050 -14% 97,390 $16,275,618 1TT Thrive Tribe Tech 0.007 -13% 1,058,950 $1,250,950 MRD Mount Ridley Mines 0.004 -13% 13,382,536 $3,113,956 OMG OMG Group Limited 0.007 -13% 2,815,728 $5,826,359 RGL Riversgold 0.004 -13% 43,000 $6,734,850 LAST ORDERS Miramar Resources (ASX:M2R) has extended the closing date for a share purchase plant to 5:00pm AWST on Wednesday, August 27, 2025. Management says the SPP extensions offers shareholders an opportunity to subscribe for new shares at a 20% discount to M2R's current 5-day VWAP. Results are still pending from the company's recent drilling at the 8 Mile prospect within the Gidji JV Gold project, as well as from a detailed airborne electromagnetic survey underway at the Bangemall nickel-copper-platinum group element project At Stockhead, we tell it like it is. While Miramar Resources is a Stockhead advertiser, it did not sponsor this article.
