--- title: Lenders cut rates as competition heats up description: The Reserve Bank may have kept rates on hold in June, but a growing number of lenders have cut their home loan interest rates. This could be your sign to review your current loan. image: https://moneyplex.au/hubfs/Blog%201100x733%20rates%20competition%202026.jpg --- [Skip to content](https://moneyplex.au/moneyplex-blog/lenders-cut-rates-as-competition-heats-up#main-content) [![Logo](https://moneyplex.au/hs-fs/hubfs/logo-4.png?width=220&height=40&name=logo-4.png "Logo")](https://moneyplex.au) Call: 1300 648 147 or Book An Appointment - [Get Your Finance Approval Guide](https://moneyplex.au/get-your-finance-approval-guide-1) - Who We Help - [Self-Employed Individuals With Families](https://moneyplex.au/self-employed-individuals-with-families-clone-new) - [Self Employed Professionals & Tradespeople](https://moneyplex.au/self-employed-professionals-and-tradespeople) - [Small Business Owners](https://moneyplex.au/small-business-owners) - [Property Investors And Developers](https://moneyplex.au/property-investors-and-developers) - [Refinancers and Consolidators](https://moneyplex.au/refinancers-and-consolidators) - 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[Business And Asset Finance](https://moneyplex.au/business-and-asset-finance) - [Private Lending](https://moneyplex.au/private-lending) - [Personal Loans](https://moneyplex.au/personal-loans) - [Expert Referral Partners](https://moneyplex.au/expert-referral-partners) - [About](https://moneyplex.au/about) - [Blog](https://moneyplex.au/moneyplex-blog) - [Contact Us](https://moneyplex.au/contact-us-1) - [Contact Us](https://moneyplex.au/contact-us-1) - [Lending Strategy Session](https://moneyplex.au/lending-strategy-session) ![](https://moneyplex.au/hs-fs/hubfs/Blog%201100x733%20rates%20competition%202026.jpg?width=1100&height=733&name=Blog%201100x733%20rates%20competition%202026.jpg) # Lenders cut rates as competition heats up ![MoneyPlex](https://7528315.fs1.hubspotusercontent-na1.net/hub/7528315/hubfs/raw_assets/public/mV0_d-cms-elevate-theme_hubspot/elevate/images/avatar-placeholder.jpg?width=48&height=48&name=avatar-placeholder.jpg) MoneyPlex July 16, 2026 **The Reserve Bank may have kept rates on hold in June, but a growing number of lenders have cut their home loan interest rates. This could be your sign to review your current loan.** Here’s news that should be music to the ears of Australian home owners. Despite the Reserve Bank of Australia (RBA) keeping the [cash rate steady in June](https://www.rba.gov.au/media-releases/2026/mr-26-15.html), almost a dozen [lenders have cut their variable home loan rates](https://www.canstar.com.au/news/11-lenders-slash-variable-rates-near-certain-rba-pause/) in recent weeks. As a result, there are now [40 lenders offering at least one variable rate under 6%](https://www.canstar.com.au/news/11-lenders-slash-variable-rates-near-certain-rba-pause/), Canstar reports. But there’s a catch: these lower rates are usually only available to new borrowers. That means now might be the time to get in touch with us, because you too could become a ‘new’ customer by switching to a different lender. Here’s a closer look at what’s going on. ### **Why are lenders slicing their rates?** Competition in the home loan market is intense right now. Over [100 providers](https://www.canstar.com.au/providers/home-loans/) – from the big banks through to mid-tier and regional banks, as well as dozens of non-bank lenders – are all competing for your business. And competition has especially heated up following proposed tax changes in the federal budget that have [impacted investor demand](https://discover.cotality.com/hubfs/Article-Reports/COTALITY%20HVI%20JULY%202026%20FINAL.pdf). In today’s highly contested market, one way to attract new customers is by offering a competitive mortgage rate. The upshot is that rate savings may be up for grabs for home owners who refinance with a new lender. ### **No sign of an official rate cut any time soon** Borrowers who wait for the RBA to start cutting interest rates could be left disappointed. Several major banks, including [ANZ](https://www.anz.com.au/content/dam/anzcomau/mediacentre/images/mediareleases/2026/australian-budget-2026-2027.pdf) and [CommBank](https://www.commbank.com.au/articles/newsroom/2026/06/why-the-rba-is-happy-to-play-a-waiting-game.html), believe it could be some time before we see the official cash rate fall, potentially well into next year. In fact, Westpac is forecasting a [rate hike in September, potentially as early as August](https://library.westpaciq.com.au/content/dam/public/westpaciq/secure/economics/documents/aus/2026/07/WestpacWeekly20260713.pdf). ### **Refinancers may be rewarded with valuable interest savings** The RBA may have hit ‘pause’ on rates, but that doesn’t mean you should too. As more lenders lower rates for new customers, home owners who stick with their old loan may be left paying an uncompetitive rate. And that could mean paying more in interest than necessary. By way of example, Canstar found a home owner who’s had the same loan for the past five years is likely to be paying a rate of 6.98%. Assuming that same borrower owed $600,000 on their mortgage, with 25 years remaining on the loan term, [switching to an interest rate under 6% could save at least $10,713](https://www.canstar.com.au/news/the-10k-loyalty-tax-you-could-be-paying/) in interest over the next two years. And that’s after allowing for possible refinancing costs. ### **Talk to us to know how your loan rate shapes up** Stop guessing, and start knowing for sure whether you are paying a competitive loan rate. Give us a call to organise a home loan review. We can compare dozens of loan options and explain if refinancing could see you save on your mortgage interest. **Disclaimer:** The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to your circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. 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