A fourth rate rise for 2026 has just made checking your home loan rate a priority. But what does a ‘good’ rate look like right now? We reveal what’s currently a competitive rate, and how you may be able to land one.

Let’s not sugarcoat this.

Four rate hikes in just eight months is leaving plenty of home owners facing the squeeze of higher-than-expected loan repayments.

In fact, the cash rate is now sitting at 4.6%, a level not seen since 2011.

The difference is that 15 years ago, home loans were around half the size they are today.

But you may not have to simply accept a higher rate.

There could still be opportunities to save by switching to a home loan with a more competitive rate.

What’s a competitive rate right now?

While the big banks such as CommBank, Westpac and ANZ were quick to pass on September’s 0.25% rate hike, some smaller lenders are yet to announce their rate moves.

Once the dust settles, Canstar estimates the average variable rate for owner occupiers will be 6.49%.

This aligns with Reserve Bank of Australia (RBA) data.

However, a more competitive rate of 6.25% may be available through as many as 40-plus lenders, according to Canstar.

It could still even be possible to pay as little as 5.94%.

But bear in mind, these lower-rate loans may not be suitable, or available, for many borrowers.

Some have low loan-to-value ratios, making them better suited to home owners with a reasonable level of home equity.

We can let you know which low-rate lenders, if any, may be suitable for your needs.

How does your loan rate compare?

As many as one-in-two home owners are in the dark about their home loan rate.

But ignorance isn’t bliss when you’re being asked to shoulder a 1% rate increase so far this year.

If you’re unsure about the rate you’re paying, give us a call.

We can let you know for sure.

Unfortunately, more rate pain could lie ahead

What matters is that we have this conversation early.

The ink may be barely dry on the September rate hike, but that doesn’t guarantee we’ve seen the last of rising rates.

The RBA has left the door open for more rate increases.

CommBank sees the scale “tilted towards further rate rises”.

While ANZ believes a November rate hike is “more likely than not”.

Important next steps

If you have a variable rate home loan, chances are your interest rate is about to increase (if it hasn’t already).

Fortunately, you should receive several weeks’ notice before repayments rise.

This provides breathing space to decide your next steps.

A sensible starting point is to talk to us.

We’ll give you a clear picture of whether you can save on interest with a lower rate loan that suits your needs – and help guide you through the refinancing process.

Call us today to get started.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to your circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.