Major Banks Lift Home Loan Rates This Week — Is It Time to Review Your Mortgage?
Australian mortgage holders are about to feel the effect of the Reserve Bank’s latest interest-rate increase.
Following the RBA’s decision to lift the cash rate by 0.25 percentage points to 4.60%, Australia’s major banks have announced increases to their variable home-loan rates. CommBank and Westpac, for example, will increase variable home-loan rates by 0.25% from 9 October 2026.
For homeowners, another rate increase is obviously not welcome news. But it creates a very good reason to ask an important question:
Is your existing home loan still competitive?
The interesting part of the current market is that borrowers shouldn’t assume every lender or home-loan product is priced the same.
Recent analysis published on 4 October notes that despite rising mortgage rates, some lenders continue to offer rates close to 6%, while the expected average owner-occupier variable rate is around 6.49%. The same analysis says refinancing reached approximately $65 billion during the first half of 2026.
That makes reviewing an existing mortgage increasingly important.
A homeowner doesn’t necessarily need to refinance immediately. A sensible starting point can be checking the current interest rate, asking the existing lender whether it can offer a better rate, and then comparing that offer against alternatives.
Even a relatively small rate difference can become meaningful on a large mortgage over time.
However, refinancing isn’t automatically worthwhile. Application or discharge costs, property valuation, loan-to-value ratio, remaining loan term and individual financial circumstances all need to be considered.
Don’t simply accept the rate increase
With major-bank increases taking effect this week, now is a particularly relevant time for Perth homeowners to review their position.
Your current lender may still be competitive. Or there may be another lender or loan structure better suited to your circumstances.
The important thing is to compare before deciding.
NAGA Mortgage Brokers can review your existing home loan and compare available options to help you understand whether staying, repricing or refinancing makes sense for you.
📞 0489 299 995
🌐 www.ntmortgagebrokers.com.au
📍 22 Vidler Street, Cloverdale 6105, Perth WA
General information only. Lending criteria, eligibility, fees and charges apply. Consider the costs and benefits before refinancing.
