If you've been watching the news lately, you'll know the Reserve Bank of Australia has been busy. Two rate rises already in 2026 and economists are divided on whether more are coming. If you're a homeowner, it's completely natural to be wondering: should I be doing something about my mortgage right now?
The short answer is: it depends. But the slightly longer answer is worth reading, because for a lot of borrowers, this kind of market is actually the moment to act not panic, just act.
What's actually happening with rates right now?
After a brief period of relief in 2025 when rates came down, 2026 has brought a different story. Inflation has proved stickier than expected, and the RBA has responded accordingly. For homeowners on variable rates, that means repayments have gone up sometimes by more than people expected.
For those who locked in a fixed rate a couple of years ago when rates were lower, a different challenge is looming: many of those fixed terms are expiring, and rolling onto a variable rate today looks very different to what it did back then.
Neither situation is a disaster. But both are worth reviewing.
So when does refinancing actually make sense?
Refinancing isn't right for everyone, and it's not something to rush into just because rates are moving. But here are a few situations where it's worth having a proper conversation:
Your rate hasn't been reviewed in a while. Lenders routinely offer their sharpest deals to new customers. If you've been with the same lender for a few years and haven't negotiated or switched, there's a real chance you're not on their best rate, even accounting for recent rises.
Your fixed rate is ending soon. If you're about to roll off a fixed rate, now is the time to explore your options before it happens automatically. Being proactive gives you far more choice than being reactive.
Your situation has changed. Bought your home when you were single and now you have a partner's income? Paid down a chunk of the loan and dropped below 80% LVR? These kinds of changes can open up better options than what was available to you when you first applied.
Your current loan no longer fits how you live. Features matter. If you're making extra repayments, an offset account could save you a significant amount over time. If your loan doesn't have one, or charges fees for features you're not using, it's worth looking at what else is out there.
What about the costs of refinancing?
This is a fair question and one that stops a lot of people from even exploring their options. Yes, there are costs involved discharge fees from your current lender, potential application or settlement fees with a new one. But in many cases, the savings from securing a more competitive rate can offset those costs within 12 to 18 months.
The key is doing the numbers properly before making any decisions, rather than assuming it's not worth it without checking.
What refinancing won't do
It's worth being clear-eyed here. Refinancing isn't a magic fix if the bigger challenge is cash flow. Extending your loan term to reduce repayments, for example, can reduce your monthly payment but increase the total amount you pay over the life of the loan so it's a trade-off, not a solution.
The goal of a good refinance is to get you into a loan that actually suits your current situation and goals, not just a lower rate on paper.
The bottom line
Rising rates create pressure but they also create motivation to review things that might have been sitting on the back burner. A lot of Australians are in loans that made sense when they took them out but haven't been looked at since. If that's you, now is a reasonable time to get a second set of eyes on it.
Not sure where you stand? A quick conversation can often tell you more than hours of Googling.
We are based on the beautiful Queensland coast, between the Sunshine Coast & Brisbane and we offer a complimentary home loan broking service.
Make an appointment today for an obligation-free chat, to talk about what you need and how we can help.
When the Reserve Bank of Australia raises the cash rate, it can directly affect home loan interest rates and mortgage repayments.
The RBA has already moved rates twice this year, and if you haven't looked at your home loan lately, there's a good chance you're paying more than you need to.
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Redcliffe is holding strong as a high-potential market in the Moreton Bay region, with tight supply and steady demand. Median prices sit at $900,000 for houses and $725,000 for units, both offering 3.5% rental yields. With annual growth of 10.8% for houses, investors are watching closely.
Whether you're just starting to explore your options or ready to move Mark and the team are here to help. Get in touch for a no-obligation chat and find out what's possible for your situation.
