According to the latest Bankwest/MFAA Home Finance Index, one in four Australians have Refinanced their mortgage Loan in the past two years, while 14.2% had refinanced in the previous year.

MFAA chief executive Phil Naylor said “In times of economic uncertainty, people with mortgages are looking at ways to make their loans more affordable.”

The Home Finance Index showed that of those looking at borrowing or refinancing in the next three months, 45% would be most likely to select a variable rate home loan.

Fixed rate home loans continue to be the least popular option (16.3 per cent), and around one in five respondents opted for a mixture of fixed and variable rate.