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The Guardian - AU
The Guardian - AU
National
Luca Ittimani

Is now a good time to switch banks for a better home loan rate? Here’s what to know after the latest RBA hike

An aerial view of houses in Brunswick, Melbourne, Australia
Plenty of Australian homeowners have been switching their mortgage, with a record $65bn worth of external refinancing in the first half of 2026. Photograph: James Ross/AAP

Mortgage holders may save hundreds of dollars a month by switching banks now that the lowest interest rates are close to 6%, after the Reserve Bank of Australia lifted its key rate to the highest level in 15 years.

But professionals warn it’s getting harder to find big discounts.

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