Five Mortgage Checks to Make Before the Next RBA Decision

Before the next RBA decision, check five things on your home loan: your interest rate against current offers, your repayment amount, your cash buffer, how your offset account is working and whether your loan structure still suits you. Each takes minutes and can save you money whichever way rates move.

Four times this year your lender has sent you the same letter. Your rate is going up. Your repayments are going up. Please adjust your budget accordingly.

The Reserve Bank raised the cash rate again in late September (the fourth increase of 2026) and lenders passed it on to variable rates almost straight away. With inflation still stubborn, another rise at the RBA's 3 November meeting is a real possibility.

Will it happen? Nobody knows for sure. But you don't need to know the outcome to get ready for it. Think of it like checking the tyres before a long drive. You might not get a flat, but you'll be glad you looked.

1. Your interest rate

When did you last compare it? Lenders often save their sharpest rates for new customers, so a loan that was competitive two years ago may not be today. A quick review will tell you where you stand.

2. Your repayments

Work out what one more rise would cost you before it lands.

Example

• Loan: $600,000 principal and interest over 30 years
• Repayment at 6.00%: about $3,597 a month
• Repayment at 6.25%: about $3,694 a month
• Difference: about $97 a month (or roughly $1,164 a year)

The rates are illustrative only. Your own numbers will depend on your rate, balance and remaining term.

3. Your cash buffer

Could you cover a surprise car repair or dental bill on top of higher repayments? If the answer is 'not comfortably', building a buffer now is the low-hanging fruit.

4. Your offset account

An offset account only saves you interest if your money is sitting in it. Check that your salary lands there and that savings aren't parked in a separate account earning less than your loan is costing you.

5. Your loan structure

Would a split between fixed and variable suit you better? Would refinancing make sense once the costs are counted? Sometimes the answer is no and that's a useful answer too.

Hot Tip: Ask your current lender for a better rate before you look elsewhere. People spend hours hunting for a cheaper airfare but won't make a five-minute phone call that could be worth far more.

Get ready either way

Another rise isn't guaranteed. Being prepared costs you nothing. If you'd like a second set of eyes on your rate, repayments and structure, book a complimentary review and we'll work through it together.

Book a complimentary review

This information is general in nature and does not take into account your objectives, financial situation or needs. Consider whether it is appropriate for you and seek professional advice before making any financial decision. Example figures are illustrative only and are not a quote. All loans are subject to lender approval, terms and conditions.