Interest Rate Update
A rate rise may be coming. Is your loan ready?
How to think about your rate before the RBA decision on 3 November, and what a quick review could do for your repayments.
The RBA board meets on 3 November, and a rate rise is possible. Whatever happens, now is a sensible time to look at your home loan.
You do not need to panic, and you do not need to refinance. You do need to know where your rate sits compared with the market. If this is not for you, you likely know someone it could help.
- This week: the RBA board meets on 3 November, and a rate rise is possible.
- Your move: check your rate now, call your lender, and compare the market before the decision lands.
- What we are seeing: competitive rates around 6.24%-6.35% (owner-occupied) and 6.50%-6.60% (investment), and they could go up by another 0.25%.
- The buffer: a sharper rate or a better structure can ease the pressure if repayments rise.
Four numbers to know
4.60%
The RBA cash rate as at 29 October 2026
RBA
3 Nov
The date of the next RBA decision
RBA meeting
$100
Approx. extra monthly repayment for each 0.25% rise on a $600,000 loan
Illustrative
6.24%
Bottom of the competitive owner-occupier range we are seeing
Broker network
How to think about your rate
You cannot control what the RBA does. You can control whether you are paying a competitive rate when it does. Most lenders pass rate rises on quickly, but they are far slower to hand over a better rate unless you ask. Three steps, in order:
When did you last look?
Open your banking app now and find your current interest rate. Brokers in our network are seeing competitive rates of around 6.24%-6.35% for owner-occupied loans and 6.50%-6.60% for investment loans, and they could go up by another 0.25% if the RBA lifts again. If yours is sitting above those ranges, it is time for a review.
Watch out: the rate on your statement can differ from the one you were offered when you first signed. Loyalty is rarely rewarded automatically.
Ask for a better rate first
A review does not always mean refinancing. Sometimes you, or a broker on your behalf, can negotiate a better rate with your current bank. Call, tell them you are comparing options, and ask what they can offer. If they will not move, you have your answer, and you have lost nothing.
Watch out: a discount offered by phone is not always put in writing. Ask for the new rate and the start date to be confirmed in writing.
Refinancing as a buffer
If your bank will not budge, a refinance can be a useful buffer in a rising-rate year. A lower rate reduces your repayment and the interest you pay over time, which gives you more room if rates keep climbing. It can also be a chance to review your structure, for example whether an offset account or redraw would help you build a cash buffer.
Watch out: refinancing has costs. Check discharge or break fees, any cashback clawbacks, lenders mortgage insurance if your loan is above 80% of the value, and whether you are resetting your loan term. Cheaper repayments from a longer term can cost more in total interest.
Mechanisms that can help right now
Refinancing is not the only lever. There are tools that can ease the pressure during a rising-rate period, and an offset account is one of the most useful. We prepared a short video on offsets as a recap of how they can help at a time like this.
Watch on Loom: How an offset account can help when rates rise. General information only. Whether an offset suits you depends on your loan and circumstances, so speak with a licensed mortgage broker.
What if it is 0.25%, or even 0.50%?
Nobody knows what the RBA will decide, and this is speculation, not a forecast. But it helps to see what each outcome could mean for a $600,000 loan over 30 years, assuming your lender passes the full rise on and you start at an example rate of 6.85%.
| Scenario | Your rate | Monthly repayment | Extra per month | Extra per year |
|---|---|---|---|---|
| No change | 6.85% | $3,932 | Base | Base |
| RBA rises 0.25% | 7.10% | $4,032 | +$100 | +$1,200 |
| RBA rises 0.50% | 7.35% | $4,134 | +$202 | +$2,424 |
Illustrative only. Principal and interest, 30-year term. Your repayment will differ.
Why holding your bank accountable matters more now
Lenders are usually quick to pass a rise on to existing customers. They are rarely as quick to offer you a sharper rate unless you ask. That means the gap between what you pay and what the market offers can widen at exactly the moment you can least afford it.
Take two borrowers on the same loan. If the RBA rises 0.50%, someone who negotiated or refinanced down to 6.30% beforehand would sit at around 6.80%, paying about $3,912 a month. Someone who did nothing would sit at 7.35%, paying about $4,134. That is about $222 a month, or roughly $2,670 a year, for the same loan and the same property.
The bigger the rise, the bigger the dollar value of a few minutes spent asking your bank, or a broker, to earn your business. Your lender expects some customers to ask. It is worth being one of them.
What a small difference is worth
A $600,000 loan over 30 years
| Interest rate | Monthly repayment | Difference per month |
|---|---|---|
| 7.10% (after a further 0.25% rise) | $4,032 | +$100 |
| 6.85% (today, example) | $3,932 | Base |
| 6.30% (competitive range) | $3,714 | -$218 |
Illustrative only. Principal and interest repayments on a 30-year term, rounded. At $218 a month, the gap between 6.85% and 6.30% is about $2,610 a year, or about $78,400 over the full 30 years if rates stayed flat. Rates will move. Actual rates, fees and eligibility depend on the lender and your circumstances.
Before you refinance, check
- Your current rate. And whether it is fixed or variable.
- Your property value. A higher equity position can unlock sharper pricing.
- Exit costs. Break costs on a fixed loan can outweigh the saving.
- The new loan term. Keep it the same if you can.
- The total picture. Compare the rate, fees and features together.
- Your buffer. Could you handle a further rise? If not, say so early.
One practical tip
Not sure what your property is worth today? We are happy to help, and can do a complimentary valuation of your property if you need one, to see whether a refinance could be worthwhile for you. No cost and no obligation.
Our complimentary valuation is an indicative market estimate to help you decide, not a formal lender valuation. Your lender may order its own.
We cannot tell you what the RBA will decide. What we can say is that checking your loan before a rate decision beats checking it after. A ten-minute review now can give you more options, and more breathing room, whatever happens next week.
One practical tip
Reply with your current lender and rate and we will have our broker partners take a look. If it turns out your rate is already competitive, we will tell you that too.
Who do you know with a home loan?
A sibling who has not looked at their rate in years. A parent on a loan they signed long ago. A friend about to feel the next rise. It may not be for you, but it could save someone you know real money. Send them the link.
Want a quick rate review?
We have brokers, and access to lenders, who can look at your loan and put together a competitive offer. It is free, with no obligation, and takes about 20 minutes. We can also do a complimentary valuation of your property if it would help.
Book your free discovery callSources: Reserve Bank of Australia cash rate; RBA Rate Watch (rbaratewatch.com); rates observed by mortgage brokers in the Copius network. Rates change daily, so confirm current rates with a licensed mortgage broker or lender.
COPIUS Property Pty Ltd · 5-7/200 Kingston Rd, Slacks Creek QLD 4127 · REA Licence 4768482 · ABN 87 698 298 403 · ACN 698 298 403
This article is general information only and does not constitute financial, tax, credit, legal or planning advice. It does not take your personal circumstances into account. Rules, caps, rates and availability change, so confirm current details with the relevant government body, council, lender and your own advisers before acting. You should consider obtaining advice from a licensed financial adviser, mortgage broker, accountant or solicitor before acting on any information here. Copius Property is a buyer's agency and does not provide credit or lending advice. Mortgage broking services are provided by independent licensed brokers.
