Australians with Mortgages have refinanced a record $15 Billion in May 2020

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The Australian Bureau of Statistics (ABS) reported that 33,712 Australians refinanced a record $15 billion worth of mortgages in the month of May due to customer reaction as the country’s first recession in nearly 30 years hits home.

Two thirds of those mortgage holders moved from one lender to an alternative as they assessed the best deals available.

The coronavirus, and the ensuing lockdowns, have posed an extraordinary challenge to the economy and the liquidity of households and lenders alike.

There are clear signs that the banks could cut their lending margins even lower as they try to secure the lost borrowers plus try and gain ones who are left in the market still actively searching for a deal.

The world we now live in is changing by the minute