QUEENSLANDERS are missing out on some of the biggest savings in years, making up just 15 per cent of the $62 billion worth of homes that were refinanced last year.
Latest housing finance data from the Australian Bureau of Statistics showed just over 33,000 Queensland homes were refinanced last year, valued at close to $9 billion.
But the figures made up just 15 per cent of the 212,739 homes that went to new lenders across the country, and 14 per cent of the national refinance value.
Money expert Michelle Hutchinson of comparison website Finder.com.au said 28 per cent of all home loans written in Queensland were refinance packages, which was low compared to the national average (34 per cent).
“They definitely are missing out because when there are rate cuts, the spread between highest and lowest rates tends to widen,” she said.
Ms Hutchinson said since November 2011, the big four banks had kept an estimated $7 billion from their variable rate home loan customers by not passing on Reserve Bank interest rate cuts in full.
“For a $300,000 home loan, borrowers could be missing out on $70 per month, $840 per year or over $25,000 over 30 years, based on the average 0.37 percentage points that the big four banks have kept from their customers,” she said.
“With ongoing variable rates soon starting from 4.23 per cent, borrowers could save a lot more than 0.37 percentage points if they shop around.”
Finder.com.au was yesterday showing low interest rate refinancing deals from as low as 4.23 per cent, with over 20 home loan packages available under 4.9 per cent.
Figures on iSelect’s online comparison tool yesterday saw refinancing available from as low as 4.29 per cent for a three-year fixed term and 4.4 per cent variable.