From www.moneymag.com.au: In 2024, Australian homeowners refinanced over 372,000 mortgages valued at approximately $215 billion, marking a 17.6% decline from the previous year.

Experts expect refinancing activity to increase in 2025 if the Reserve Bank lowers cash rates, particularly benefiting “mortgage prisoners” who may access better opportunities.

First-time refinancers are advised to clearly define their goals, assess their current mortgage, negotiate with lenders, consider using a mortgage broker, and prepare necessary documentation before proceeding.