Homeowners hoping for a July interest rate cut may be feeling let down after the Reserve Bank of Australia (RBA) kept the cash rate on hold. But while official rate relief remains uncertain, there’s still a way to score a rate cut of your own – by refinancing.
Despite widespread speculation that a July rate cut was likely, the RBA opted to keep rates steady due to ongoing concerns about the economic outlook. But that hasn’t stopped tens of thousands of Australians from taking action themselves.
Refinancing on the Rise in 2025
Refinancing activity is gaining momentum. Recent data from PEXA reveals that refinancing volumes rose 12.5% over the year to March 2025 as borrowers actively chased better rates. The Australian Bureau of Statistics backs this up, reporting more than 65,000 home loans were refinanced in the first quarter of the year alone.
Still, many homeowners are missing out.
A recent Compare the Market survey found that 65% of borrowers who’ve held the same home loan for over three years haven’t refinanced – even though their existing deal may no longer be competitive.
Why Revisit Your Home Loan?
There are no guarantees the RBA will deliver rate cuts in the near future. So, rather than waiting and hoping, a proactive approach could pay off – especially for those on older loans.
The mortgage market has shifted significantly, with many lenders adjusting their rates independently of the RBA. Some have even introduced relatively low fixed-rate options, offering potential savings and certainty not seen in years.
Could You Save by Switching?
Loyalty can be a virtue, but when it comes to home loans, sticking with the same lender might cost you. You could be paying a higher interest rate than necessary or missing out on more flexible features now available in the market.
If you’ve had the same home loan for a few years, now’s a smart time to check if it still suits your needs. A quick loan review could reveal opportunities to lower your rate, reduce repayments, or even pay off your mortgage sooner.
Ready to Explore Your Options?
Refinancing doesn’t have to be complicated – and it could save you thousands over the life of your loan. Get in touch with your mortgage broker for a review of your current loan and see how it stacks up against what’s available today.
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