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 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.
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.
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.
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