📰 What Happened
The Reserve Bank of Australia has lifted its key interest rate again. It is now at the highest level in 15 years. Home loan rates are rising as a result. The average variable rate for owner-occupiers will hit 6.49% once banks pass on the rise. But a few lenders still offer rates near 6%. Switching from the average rate to a lower one could cut monthly repayments by about $180 on a $600,000 loan.
🔍 The Backstory
Plenty of Australian homeowners are already shopping around. A record $65 billion worth of mortgages were refinanced in the first half of 2026. Among the big four banks, Westpac has the lowest variable rate at 6.24%, according to Canstar. Dozens of smaller lenders offer better deals than the big banks. Experts warn that big discounts are getting harder to find, so borrowers may need to show they are ready to leave.
🎯 Why It Matters
Small differences in interest rates add up to real money. A lower rate can save a family hundreds of dollars a month on their mortgage.

The Reserve Bank of Australia has lifted its key interest rate again. It is now at the highest level in 15 years. Home loan rates are rising as a result. The average variable rate for owner-occupiers will hit 6.49% once banks pass on the rise. But a few lenders still offer rates near 6%. Switching from the average rate to a lower one could cut monthly repayments by about $180 on a $600,000 loan.

Plenty of Australian homeowners are already shopping around. A record $65 billion worth of mortgages were refinanced in the first half of 2026. Among the big four banks, Westpac has the lowest variable rate at 6.24%, according to Canstar. Dozens of smaller lenders offer better deals than the big banks. Experts warn that big discounts are getting harder to find, so borrowers may need to show they are ready to leave.

Small differences in interest rates add up to real money. A lower rate can save a family hundreds of dollars a month on their mortgage.

📰 Source: News Source
theguardian.com ↗
Was this article useful?