Latest Australian Bureau of Statistics housing finance figures show a 3.5% rise in refinancing in November following the spate of out-of-cycle rate increases by the major banks in October.


TD Securities chief Asia-Pacific Macro Strategist Annette Beacher said refinancing rose 3.5% in November and 15.6% over the year.


The number of homeowners moving to fixed-rate mortgages for two years or longer has also risen from 9.1% to 11.4% –  a sign that many believe we have hit bottom on interest rate levels.


Of the $1.449 trillion Australians owe on property, 63% is made up of owner-occupiers and 37% investors. Beacher says investment lending has been shrinking since April 2015.