Home owners hoping for rate relief in July may be disappointed, but it’s still possible to score a rate cut of your own by refinancing. Despite this, plenty of borrowers are sticking to an old loan – and it could be costing them.

When it comes to rate cuts, nothing is certain until the Reserve Bank of Australia (RBA) wraps up its board meetings.

We saw this in July, when a long line of pundits predicted a rate cut was almost a sure thing, only to see the RBA keep rates on hold due to concerns about an uncertain economic outlook.

The good news is this hasn’t stopped tens of thousands of home owners negotiate a personal rate cut by refinancing.

Refinancing ramps up in 2025

Recent figures from property settlement firm PEXA, show refinance volumes have rebounded, rising 12.5% over the year to March 2025 as borrowers chase lower rates.

That’s seen thousands of home owners land a rate cut of their own, with the Australian Bureau of Statistics reporting over 65,000 home loans were refinanced in the first three months of 2025 alone.

But it seems many are still missing out.

A survey by Compare the Market shows 65% people who’ve had the same home loan for 3-plus years haven’t refinanced.

And in today’s home loan market, a loan that was competitive back in the day may no longer be such a great match for your needs.

Why think about switching?

As we saw this month, there are no guarantees the RBA will bring future rate relief.

That’s why it can be important to take a front-foot approach by getting in touch with us to compare your home loan options.

This especially applies if you’ve had the same loan for several years, because there’s been plenty of action in the mortgage market lately.

Mozo reports that some lenders have introduced rate cuts on their own, others have held back on official rate cuts, and a growing number are offering fixed-rate options starting with a ‘4’ (now there’s something we haven’t seen for a while!).

Is refinancing right for you?

Loyalty is a great quality – just perhaps not when it comes to home loans.

Sticking with an old home loan can mean paying a higher interest rate than necessary, or missing out on improved loan features.

If you and your loan have been together a while, call us to see if your home loan is still suitable for your needs – and if not, we can help you find one that is.

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