The number of people refinancing their home loan to the bank has risen 45% over the past quarter, according to a report by Westpac published Tuesday.

Nearly a third of Australian homeowners are considering refinancing, while 82% of refinancers want the process to be more digitized and less time-consuming, per the bank's latest Home Ownership Report.

Westpac has introduced a rate of 5.84% per annum for owner-occupier refinancers with up to a 70% loan-to-value ratio.