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Highlights of spotlight include:
- In uncertain market conditions, lenders, brokers and borrowers need to approach refinancing with a degree of caution
- A large portion of refinances have been for debt consolidation, with overstretched borrowers feeling the pain of high interest rates
- There are 4 distinct categories according to Genworth as to why people choose to refinance; True refinancers; Asset builders; Cash spenders and Debt consolidators
- Stress, and mortgage stress in particular is a strong driver for a borrower looking to refinance - however this is not always the best strategy
- Read the full report to find out the 10 rules of refinancing as well as tips for lenders and borrowers.
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