The Australian Bureau of Statistics reported the total value of housing loan refinancing between lenders fell 1.5 per cent but remained high at $19.1 billion in December.
Refinancing levels for owner-occupiers hit $13 billion in December, just below the record $13.4 billion set in November.
"Recent months saw record high refinancing activity for both owner-occupiers and investors," ABS head of finance and wealth Sean Crick said.
"Borrowers continued to switch lenders for lower interest rates as the RBA's cash rate target rose."
The value of total new housing loan commitments continued to decline in December - dropping 4.3 per cent to $23.4 billion.
New owner-occupier loan commitments fell 4.2 per cent to $15.6 billion, while new investor loan commitments fell 4.4 per cent to $7.9 billion.
The value of total new loan commitments for fixed term personal finance fell 2.8 per cent in December, driven mainly by a 1.6 per cent fall in car loans.
Lending for the purchase of household goods rose 0.8 per cent to another record high, while lending for travel and holidays rose 11.2 per cent to the highest levels seen since late 2018.
The Reserve Bank is widely expected to lift the cash rate by 25 basis points when its board meets on Tuesday.
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