Nope. A lower buffer for refinancing makes sense, the person already holds the same debt elsewhere. They are just looking for a better rate, if they are able to get that rate it actually reduces overall risk in the system as they'll be better able to afford their repayments.
Anyone looking to borrow new or additional funds is assessed to apras standard. It also adds to competition as it means existing lenders can't be complacent thinking their customers can't switch because they won't pass the 3% serviceability buffer.
