Can you remember your home loan interest rate?

Do you know the interest rate you are currently paying on your home loan? Your mortgage is likely to be one of your largest household expenses, so knowing your rate is an important first step in working out whether your loan is still competitive.

A home loan that suited you when you first took it out will not necessarily remain the right loan indefinitely. Interest rates, lender pricing, your loan balance and your circumstances can all change. Our home loan refinancing service explains how CBM Mortgages can help you review your existing loan and compare suitable refinancing options.

That does not mean you should automatically switch lenders because you spot a lower advertised rate. The sensible starting point is to understand what you have now and then compare the overall loan, including its rate, fees, features and potential switching costs.

How do I find my current home loan interest rate?

Start with your latest home loan statement or your lender’s online banking or mobile app. Look for the interest rate currently applying to your loan rather than relying on the rate you remember receiving when the loan was approved.

If your loan has more than one portion, such as a fixed component and a variable component, check the rate applying to each part.

It is also worth noting your current loan balance, repayment amount, remaining loan term and features such as an offset account or redraw facility. The interest rate is important, but it should not be assessed in isolation.

Is my home loan interest rate competitive?

There is no single interest rate that determines whether every Australian borrower has a good or bad home loan. The rate available to you can depend on factors including your loan amount, loan-to-value ratio, whether the property is owner-occupied or an investment, the repayment type and individual lender pricing.

As a market reference, Reserve Bank of Australia housing lending data for September 2026 reported an average interest rate of 6.20% per annum for outstanding owner-occupier housing loans and 6.22% per annum for new owner-occupier housing loans.

These are market averages, not rates that every borrower will qualify for. They provide useful context, but they do not tell you by themselves whether refinancing is right for you.

Why should you review your home loan regularly?

Reviewing your home loan periodically can identify changes that might otherwise go unnoticed.

• Your lender’s pricing may have changed. The rate you originally received may no longer be as competitive as it once was.
• Your equity may have increased. Paying down your loan or an increase in the property’s value may have changed your loan-to-value ratio.
• Your circumstances may be different. Your income, expenses, family circumstances or financial goals may have changed since the loan was established.
• Your loan features may no longer suit you. An offset account, redraw facility or different repayment structure may be more or less useful today.
• Other lenders may offer suitable alternatives. Comparing the market can help determine whether your existing loan remains appropriate without assuming that refinancing is automatically the answer.

Should I ask my existing lender for a better rate?

Yes. Asking your existing lender to review its pricing can be a sensible part of a home loan review.

If your lender is prepared to offer a better rate, staying put could avoid some of the costs and administration involved in changing lenders. However, a rate reduction from your current lender should still be compared with your other suitable options.

The rate is only one consideration. Fees, loan features, repayment flexibility and the remaining loan term can all affect the overall value of the loan.

When should I consider refinancing?

Refinancing may be worth investigating if your current home loan is no longer competitive or no longer suits your circumstances.

You might be looking to reduce interest costs, change loan features, restructure your lending or simply find out whether a more suitable home loan is available.

If you are starting to consider making a change, our article Have you refinanced recently? looks more closely at the reasons borrowers may consider refinancing.

Refinancing is not automatically worthwhile simply because another lender advertises a lower rate. Discharge costs, application or valuation costs where applicable, ongoing fees, loan features and the remaining loan term should all be taken into account.

Will a lender assess whether I can afford the new loan?

Yes. Refinancing involves a new lending assessment rather than simply transferring your mortgage from one lender to another.

The Australian Prudential Regulation Authority has maintained a mortgage serviceability buffer of 3 percentage points. Individual lenders may also have their own credit policies and assessment requirements.

This is one reason a lower advertised rate does not necessarily mean that a particular refinancing option will be available or suitable for every borrower.

What should I have ready for a home loan review?

You can make a home loan review easier by having a few details available:

• your current loan balance;
• your current interest rate;
• your approximate remaining loan term;
• your current repayment amount;
• details of fixed and variable portions, if applicable;
• your loan’s ongoing fees and features; and
• an approximate indication of your property’s current value.

CBM Mortgages can then look at the broader position rather than simply comparing one advertised interest rate against another.

Frequently asked questions

Disclaimer: This article provides general information only and does not constitute personal financial, legal, tax or credit advice. Interest rates, lender policies, fees and lending criteria can change. Consider your circumstances and obtain advice appropriate to your situation before making financial decisions or applying for credit.

Written by Craig McDonald. Updated November 2026.