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AAP

Business

John Kidman

Record number of Aussies refinance loans

Graham Cooke Australia

Borrowers with a $500,000 mortgage are facing a cumulative $735 a month hit to their family budget. (Bianca De Marchi/AAP PHOTOS) (AAP)

Spooked by repeated interest rate rises, Australian home owners are refinancing in record numbers.

Fourteen billion dollars worth of home loans were placed with a new lender in Australia in August alone, according to Australian Bureau of Statistics data.

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