Major banks becoming popular for refinancers

Major banks continued to gain traction among refinancers in October, PEXA data shows.

PEXA’s Monthly Mortgage Insights covering October showed the following trends in refinances in four states:

New South Wales

Refinancing in New South Wales was down 6.5% in October but 0.7% higher compared to last year.

Major banks continued to improve their net position for refinances, moving higher in the positive territory over the month.

On the other hand, non-major lenders remained on a downturn, diving further into the negative net position during the month.

Victoria

Victoria recorded a 2.4% monthly gain in refinancing in October. On an annual basis, refinancing volume in the state was 10.9% higher.

Major banks grew their net positive position in refinances further in October versus non-major banks.

Queensland

Refinancing activity in Queensland was down 6.2% for the month but was 13.8% higher on an annual basis.

Major banks also gained traction in Queensland, allowing it to be in a positive net position over the month.

On the other hand, non-majors fell into a net negative position for the first time in over a year.

Western Australia

In Western Australia, refinancing activity volumes were steady over the month but were 30.7% higher than last year.

Major banks widened their gap from non-major lenders in terms of net refinancing position, with the later losing out significantly in the month.

—

Photo by Jenn Miranda 's Images on Canva.