Hundreds of thousands of the most vulnerable mortgage borrowers risk being locked into uncompetitive interest rates as falling property values reduce or remove their ability to refinance.
The cheapest variable rates in the market are generally only available to borrowers with more equity in their homes
For those struggling with surging interest rates, refinancing offers one way to limit the rise in mortgage costs. This is particularly true for fixed-rate mortgage borrowers coming off ultra-cheap deals often onto uncompetitive "revert" variable interest rates.Mortgage broker Ali Kawser, who operates around Melton in Melbourne's outer western suburbs, is starting to see some of these borrowers coming through his doors.
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