The number of home-owners looking for better deals and refinancing their mortgage has risen rapidly, according to new figures from the Australian Bureau of Statistics.

The figures show that refinancing volumes increased from $16.3b in May 2020 to $33.2b in January 2022.

According to Trail Homes founder Nick Young, mortgage brokers are reporting that while new loan numbers are down, they are helping plenty of existing clients who are looking to refinance.

He believes now that homeowners have become comfortable with refinancing, it is a trend which will remain.

“This is a permanent change and someone wanting to refinance every three to four years is something brokers need to get used to and something they need to tap into,” he says.

He predicts a further 10% increase of people refinancing through mortgage brokers is to come in the next year.

Young says lenders continue to try to lure new borrowers with incentives such as cash back offers.