For years, many borrowers felt trapped in “mortgage prison”—unable to refinance their home loans due to strict serviceability requirements and rising interest rates. Now, new research shows that the doors are finally opening, giving more Australians the chance to refinance and take back control of their mortgages.
Refinancing Is on the Rise
The latest Mortgage and Finance Association of Australia (MFAA) survey revealed that 99% of brokers helped clients refinance within the last six months. This is a clear sign that refinancing is no longer out of reach for many borrowers. Almost all clients who refinanced were also able to secure a discount, proving that better deals are on the table.
When you refinance, you can potentially reduce your repayments, unlock equity, or simply move to a loan that better suits your needs. With lenders becoming more flexible, now is a prime opportunity to consider refinancing.
Why More Borrowers Can Refinance Now
So, why is refinancing becoming more accessible? The biggest reason is the shift in economic conditions. Easing inflation and lower interest rates have opened the door for more borrowers to refinance.
At the same time, many homeowners are seeking help for the first time. In fact, 92% of brokers reported working with clients new to refinancing. This shows that more people are recognising the value of professional advice when it comes to navigating the refinance process.
Borrower Confidence Is Growing
Another positive trend is borrower confidence. Brokers observed that clients are starting to feel more optimistic about their finances now that refinance opportunities are available. While nearly half of clients remain “neutral,” more are showing a brighter outlook compared to earlier this year.
This shift highlights the impact of refinancing—by lowering repayments or securing better rates, households gain much-needed breathing room, which boosts financial confidence.
Brokers Are Helping Beyond Refinancing
While the chance to refinance has improved, challenges like cost-of-living pressures and job security concerns remain. That’s why 80% of brokers are now also supporting clients with hardship options.
Brokers aren’t just there to help you refinance; they’re also a trusted guide if financial stress arises. Whether you’re aiming to refinance to a more affordable loan or explore hardship support, having a broker makes the process easier.
Job Security and Housing Supply Concerns
Even though refinancing is now within reach for many, some borrowers remain cautious. Concerns about job security jumped from 4.8% earlier this year to 18.3%, while housing supply shortages continue to add pressure.
This means that while refinance opportunities are improving, broader issues like employment and housing availability still shape how confident borrowers feel about their future.
The key message is this: if you’ve been unable to refinance before, now may be the right time to take another look. With more lenders open to applications and brokers guiding clients through the refinance process, breaking free from mortgage prison is finally possible.
Contact us today to explore how we can help you refinance your home loan and secure a deal that works better for you.