Borrowers in NSW are actively repaying their existing mortgages while applying for new home loans at the same time, new data shows.
According to the NSW Land Registry Services, the number of residential mortgages discharged in July went up by 37.1% annually to over 27,000 while new residential mortgages increased by 41% to nearly 29,000.
Related: Refinancing activity surges in NSW
Your Mortgage home loan specialist Raj Ladher said it is encouraging to see that even during the pandemic, mortgage activity has been thriving.
"The past 12 months for me as a broker have been the busiest since the start of my career 15 years ago," Mr Ladher said.
"With a buoyant property market all across Australia, we have seen a number of purchase transactions including first-home buyers getting their foot on the ladder which is fantastic.”
Mr Ladher said it remains a viable time for borrowers to consider refinancing, given some rates are already beginning with a one.
"We have managed to save our clients thousands off their home loan interest," he said.
A recent poll by Aussie Home Loans revealed that while 60% of borrowers think there are better deals in the market, only 20% have refinanced their loan over the past year.
Mr Ladher says those borrowers are missing out on getting a better deal.
"There are still a large number of borrowers who haven’t looked at refinancing options with their lender and potentially paying a premium on their home loan and I encourage all borrowers to merely understand what their interest rate is and compare against the market," Mr Ladher said.