11 February 2026
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.”
Latest news
E&OE Radio Interview FiveAA Breakfast with David Penberthy and Will Goodings 17 March 2026. Topics: Tax paid by Australian banks; RBA Powers to regulate big tech David Penberthy (Host): Well, it’s a big amount of money, $16 billion that’s how much tax Australia’s biggest banks paid last year. And at the same time, organisations like Apple, Google and Meta, you think about the ease with which and the frequency with which we… Read more »
This opinion piece by ABA CEO Simon Birmingham originally appeared in the Australian Financial Review. In an attempt to avoid domestic regulatory scrutiny, large foreign multinationals have developed a curious rhetorical strategy. The larger their footprint in Australia’s financial system becomes, the more strenuously they insist they are marginal, incidental or merely technical intermediaries. For years, Apple has… Read more »
The ABA acknowledges APRA’s proposed capital and liquidity changes. Australian banks share APRA’s commitment to maintaining a strong and resilient banking system. ABA CEO Simon Birmingham said banks will work with APRA to ensure any enacted changes lead to real benefits for the economy and Australians. “Banks will carefully review the liquidity proposals and will… Read more »