New data shows record number of Australians refinancing their home loan

Over 640 000 homeowners refinanced their mortgage last year, according to new data released today by the Australian Bureau of Statistics.

New lending indicators data shows 640 137 mortgages were refinanced throughout 2025, a 20 per cent jump from the previous year as more borrowers than ever before renegotiated or switched their home loans.

ABA CEO Simon Birmingham said the surge in people refinancing their mortgage was a demonstration of how competitive Australia’s home loan market was at present.

“With more than 640 000 homeowners refinancing their mortgages last year, it’s clear Aussies have their eye on the ball when it comes to shopping around for a better deal,” Mr Birmingham said.

“Australian banks offer highly competitive and innovative mortgage products, competing on the latest technology platforms and giving customers more choice.

“Record numbers of mortgage holders refinancing is a demonstration of the wide variety of home loan options customers can choose from.

“More homeowners than ever before renegotiating their mortgage or switching lenders shows how fiercely competitive Australia’s home loan market is.

“The strong competition within the home loan market is loud and clear in this data, with 64 per cent of mortgage holders who refinanced doing so by switching to another lender.

“This is a timely reminder that it can pay to regularly check in with your lender to see if you can get better terms on your home loan or even test the broader market and see what other deals are out there.”

Mr Birmingham said it was pleasing to see the number of first home buyer loans rise by 6.8 per cent across the December quarter.

“We know how tough it can be for first home buyers to break into Australia’s property market at present,” Mr Birmingham said.

“Over 125 500 mortgages were provided to first home buyers last year, this number is on the rise and it’s encouraging to see more Australians realising the dream of home ownership.”