Mortgage Choice data shows refi values up 18.7% year-on-year
The value of refinancing submissions processed through Mortgage Choice's broker network increased 18.7% year-on-year in the March 2026 quarter, as borrowers responded to successive rate rises by seeking more competitive home loan rates.
Victoria and Tasmania were the most active refinancing markets, recording a year-on-year increase of more than 28% in the value of refinance submissions.
| Change in Value of Home Loans Year on Year | |
| Loan Purpose | Change in Value YoY |
|---|---|
| Purchase | 16.6% |
| Construction | 38.7% |
| Refinance | 18.7% |
| Total | 19% |
| Source: Mortgage Choice | |
"Our quarterly submission data shows that refinancing is gaining real momentum as borrowers respond to rising rates by shopping around for a better deal," said Anthony Waldron (pictured right), chief executive of Mortgage Choice. "We're seeing that borrowers in Victoria and Tasmania were the most active refinancers during the quarter, with values for refinance up over 28% year-on-year.
"Our consumer survey revealed a concerning emerging trend – just 32% of borrowers know what interest rate they're currently on, down from 40% a year ago. Borrowers who aren't across their home loan interest rate could be paying more than they need to.
"If you're among the two-thirds of borrowers who aren't across their current rate, I encourage you to have a chat with a mortgage broker who can help you assess whether your rate is still competitive."
The total value of home loan submissions across all purposes rose 19% year-on-year over the March quarter. Purchase submissions grew by 16.6%, while construction lending saw the largest increase at 38.7%.
South Australia, the Northern Territory, and Western Australia were the strongest-performing purchase markets, recording year-on-year growth of 21.6% and 20.6% respectively.
The value of investment loans submitted through Mortgage Choice rose 30.5% year-on-year nationally in the March quarter. Western Australia recorded the largest increase of any region, with investment lending values up 73% on the same period in the previous year.
"The pace of growth for loans to investors slowed slightly over the first quarter of the year. With the Federal Budget set to deliver tax reform for property investors, investor activity may slow further," Waldron said.
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