Borrowers turn to brokers to refinance
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Borrowers turn to brokers to refinance

Borrowers turn to brokers to refinance

by webmaster | August 11, 2010

When it comes to refinancing, almost half of borrowers turn to a mortgage broker for advice, the latest research shows.

by webmaster

According to Mortgage Choice’s 2010 Refinancers Survey almost half (45 per cent) of the 1,028 respondents surveyed said they had used a mortgage broker to help them refinance.

South Australians were most likely to enlist the help of a mortgage broker with one in two South Australians opting for a broker.

The survey also found that borrowers are motivated primarily by interest rates and bank fees when it comes to making a refinancing decision.

Almost one quarter of respondents said their main motivation for refinancing was to switch to a cheaper loan.

With the recent spate of rate rises and the possibility of more before 2011, as well as a renewed focus on mortgage exit fees Mortgage Choice spokesperson Kristy Sheppard said this was “no surprise”.

According to the survey the majority of borrowers – almost nine in 10 – who did refinance were saving at least $50 per month with just under one quarter (23 per cent) reporting savings of more than $300 per month.

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