The company, which provides a digital platform for property sale settlements, said more than 100,000 refinances were recorded during the September quarter, an increase of 11 per cent on the previous year. Its refinancing index hit a record at 179.6.

PEXA head of research Mike Gill said rising interest rates had the opposite effect on new loans nationally which fell 12 per cent in the quarter.

Economists expect the soaring inflation rate in Australia would force the hand of the Reserve Bank next week. The expectation is for an increase in the cash rate of either 25 basis points or 50 basis points.

Gill said all of the states saw double digit falls in new loans. NSW led the way with a fall of 26 per cent.

Victoria had the highest number of new loans, followed by Queensland with 33,670.

Refinancing in Queensland was up 16 per cent in the September quarter, but the southern states were where the most refinancing was occurring.

Gill said the proportion borrowed, or the loan to valuation ratio, in the eastern states was 76 per cent.

There was more bad news for the major banks in Queensland with the non-majors winning a significant slice of new loans. They won 763 new loans while the majors lost more new loans than they won.