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A recent survey from the Mortgage and Finance Association of Australia (MFAA) revealed that over the last six months, 99 per cent of brokers have helped their clients refinance to a new lender.
A further 99 per cent have helped clients secure a discount, 90 per cent have helped their clients with budgeting strategies, and 80 per cent have helped their clients understand hardship options.
Brokers are continuing to remain proactive in engaging with clients to help them secure a better deal.
MFAA CEO Anja Pannek said that this latest Member Sentiment Survey revealed that more borrowers than ever are able to refinance due to better serviceability requirements.
“The situation has improved over the past two years. Even since February 2025, the number of clients brokers have helped refinance has doubled,” she said.
“Improved economic conditions mean refinancing to a more affordable home loan could be an achievable option today. The survey shows that 92 per cent of brokers have clients who are using a broker for the first time to refinance.”
One member who champions proactivity in refinancing is SAF Finance director Sarah Farrugia.
In a discussion with Broker Daily, she said she reaches out to clients every six months to explore refinancing options and ensure their mortgage remains competitive.
“We have seen new clients who have not used a broker (they may have gone direct to the bank) have shocking interest rates and a refinance has saved them thousands. These are the clients where we see more consolidation of smaller loans,” Farrugia said.
“SMSF refinance is strong, as we feel that clients with these types of loans have the greatest savings in this current market.”
By being constantly proactive in refinancing, brokers can ensure their clients remain in a positive position.
The majority of Farrugia’s clients refinance to secure a better rate. Others want to swap product types to gain extra features.
“Loan refinance or loan increase top up for renovations, has been strong. Those who can’t move, improve,” she said.
“Most of our clients have lower rates than the lowest new to bank client would achieve, so top up loans have been more beneficial to our clients than an actual refinance.”
Farrugia said there has also been a spike in refinancing due to divorce and separation.
She urged brokers to always look to the future when servicing a borrower. The lowest rate is not the only factor in a healthy loan.
“When recommending lenders look at the overall client experience and loan features. How will that lender look after that client throughout the loan application and beyond the loan settlement,” Farrugia added.
[Related: Refinance frenzy: 100k borrowers switch lenders in Q2]
