Could you save money on your mortgage? As house prices cool and lender rivalry heats up, experts say Australians should ask

Whether the RBA’s next move is up or down, there are savings to be made by refinancing on a lower rate. Photograph: Jono Searle/AAP

Homeowners with a mortgage dodged a bullet this week when the Reserve Bank of Australia board chose to hold its official cash rate at 4.35%.

The reprieve may prove short-lived, though, with a number of economists and financial markets seeing a good chance of another hike this year.