{
  "id": 11752867,
  "title": "Is now a good time to switch banks for a better home loan rate? Here’s what to know after the latest RBA hike",
  "url": "https://urgent.news/2026/10/03/is-now-a-good-time-to-switch-banks-for-a-better-home-loan-rate-heres",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-03T19:00:08.000Z",
  "source": {
    "name": "The Guardian Australia",
    "slug": "the-guardian-australia",
    "url": "https://www.theguardian.com/australia-news/2026/oct/04/interest-rates-home-loan-mortgage-switch-lenders-australia-rba"
  },
  "original_language": "en",
  "account": "After the Reserve Bank of Australia raised its key interest rate to the highest level in 15 years, experts warn it's becoming more difficult to find large discounts for borrowers seeking better home loan rates. The average variable mortgage rate for owner-occupiers is expected to increase to 6.49% following Tuesday's hike. However, some banks are offering rates close to 6%, with Westpac currently the lowest at 6.24% according to comparison platform Canstar. Only two lenders are projected to offer variable rates under 6% once the rate increase is passed on, while a number of smaller banks and credit unions are offering fixed rates below 6%, mostly around 5.99%.\n\nBorrowers may save hundreds of dollars a month by switching banks now, with the average person with a $600,000 loan and 25 years remaining on their term potentially saving $180 monthly. Canstar's director of data insights, Sally Tindall, suggests borrowers have a better chance of getting a rate review if they are prepared to threaten to leave for another lender. Switching lenders can take over a month and may cost over $1,000, but the long-term benefits of a lower rate could offset these costs. Despite a record $65 billion in external refinancing in the first half of 2026, falling house prices may limit refinancing opportunities for those with high loan-to-value ratios (LVRs), particularly those above 80%. The chief executive of Aussie broking group, Sebastian Watkins, warns that borrowers with LVRs above 80% may face difficulty securing lower rates.",
  "summary": "Experts warn it’s getting harder to find big discounts and borrowers will need to talk tough about leaving their mortgage lender for another Get our breaking news email , free app or daily news podcast 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…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}