August 2020 has continued a COVID-19 trend of people refinancing with a big four bank.
The major banks accounted for 66.9% of refinances won in August 2020, an increase of 14.7 percentage points compared with August 2019. This change has contributed to an 18.9% increase in the total mortgage volume registered in August 2020, when both new and refinanced mortgages are reviewed together, compared with August 2019.
Director of Analytics and Insights at NSW Land Registry Services, Jerry Goldfried, said rates of mortgage refinance have increased since May 2020.
“Refinancing activity surged in May and has continued through June and July. This is interesting to note during a period when many mortgage-holders are applying for payment deferrals,” he said.
“NSW LRS data also shows a trend away from non-ADI mortgage lenders, who previously had been experiencing market share growth from new and refinanced mortgages prior to COVID-19.
“There is also a clear trend in refinancing away from foreign ADIs and non-ADI mortgage lenders.”
The NSW LRS Analytics and Insights team analyses all new and refinanced mortgages held against residential properties listed on the NSW Land Title Registry. Newly published data from August 2020 compares the past month’s results with yearly trends.
To download the full report click here.
Residential Mortgage Activity Report from NSW LRS
NSW Land Registry Services hold the most comprehensive title data bank in Australia. This is the first published research on mortgages by NSW Land Registry Services.
We are in a unique position to offer readers a complete view of changes to the NSW property market. Our data solution is designed to assist users understand changes in the mortgage market.
In-depth reporting on mortgage changes for specific lenders and locational data e.g. postal code or even Statistical Area Level 1 is available through a new subscription service, Mortgage Share Insights.
To download the full report click here.
For specific queries about Mortgage Share Insights please contact the team at liaison@nswlrs.com.au