Nearly half of Aussie home owners have never refinanced: Survey

Almost half of Australian home owners have never refinanced their mortgage, according to the results of a new consumer survey by Aussie Home Loans. 

The survey of more than 1,000 mortgage holders showed 45 percent have never refinanced their home loan.

Aussie CEO James Symond said wasn’t surprised by the finding because most mortgage holders are likely not sure about how refinance works, according to a report in the MPA online magazine.

Nearly one third (29 percent) of respondents said they have never refinanced because they think they won’t get a better deal. Almost one in five (18 percent) said haven’t thought about it or don’t know where to start and 17 percent believe it’s too time consuming.

Of the 53 percent of respondents who have refinanced, it happened, on average, more than two and a half years ago. 

“It’s not surprising that home owners don’t know where to start and think refinancing is time consuming, but that’s where a mortgage broker can help," he said.

“Aussie brokers are now doing more refinance home loans than any other type of home loan, and that’s because our customers want an expert who’s on their side to get it done for them.”