Renovation the main reason mortgage holders refinance: MFAA
Carrying out home renovation remains the main reason that borrowers refinance their mortgages, according to research by the Mortgage and Finance Association of Australia (MFAA).
While the percentage of borrowers who refinance to renovate has fallen from 20.9% in July 2010 to 17.1%, it is still edges the 16% who say they refinance for a more compelling deal or a better interest rate.
The other explicit reasons why people renovate are to consolidate debts (12.1%), buy a house or car (8.7%) or purchase an investment property (7.7%).
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Readers considering undertaking a renovation should sign up for the free Property Observer webinar on Wednesday, February 29 at 12.30pm: Renovating for Profit, with tips and tricks for getting the most out of your renovation and what costly mistakes to avoid.
To ensure you make an informed decision before refinancing your mortgage download Property Observer’s free eBook: 12 tips for refinancing your mortgage – how to find the best home loan in 2012.