Home-owners in the outer suburbs of capital cities are behind a new wave of mortgage refinancing.

With interest rates rising many owners are seeking better home loan deals, with settlement data from PEXA showing that Tarneit, in Melbourne’s west, chalked up the highest number of mortgages refinanced since the start of the year.

Werribee, Craigieburn and Cranbourne East all in suburban Melbourne were next on the list. In NSW, refinancing activity is highest in Kellyville in Sydney’s north-west fringe, followed by Box Hill. In WA, refinancing was highest in Piara Waters in the south of Perth.

Head of research at PEXA Mike Gall says the group only records data on when owners switch banks. He says the busiest areas for refinancing this year have been suburban areas with high levels of development.

“These areas are likely more exposed to rising interest rates, with borrowers in these postcodes motivated to look for a better deal on their home loan,” Gall says.