The refinancing boom continues as mortgage holders look for better deals to insulate themselves from interest rate hikes.
Refinancing levels hit $13.4 billion in November, breaking a new Australian Bureau of Statistics record for owner-occupier refinancing between lenders.
Monthly owner-occupier refinancing has remained above $12 billion since June 2022, well above pre-pandemic levels.
Acting ABS head of finance and wealth Dane Mead said rising interest rates were prompting borrowers to switch lenders.
Many borrowers are also coming off their fixed rate loans secured when interest rates were low, which is likely contributing to the uptick in refinancing.
New home loans fell 3.7 per cent for the month, continuing their fall from record high levels in the first half of 2022 .
Mr Mead said the number of owner-occupiers taking out new home loan commitments fell below pre-pandemic levels for the first time in November.
Investors are also borrowing less, with new investor housing loan commitments falling 3.6 per cent over the month.
Personal lending also fell 1.3 per cent, led by a 9.3 per cent fall in personal investment lending and a 2.9 per cent slowdown in new car loans.
The rate of lending for household goods rose 5.1 per cent to hit a new all-time high, and lending to fund travel and holidays remained a touch above pre-pandemic levels.
