The RBA has held the cash rate at 4.35% at its August meeting. For borrowers, that means there is no change to the cash rate today, but it also means there's no immediate relief in sight.
Many homeowners are already feeling the pressure of their mortgage repayments. And with some economists expecting rate cuts to come later, the question is: do you have to wait for the RBA to cut before you can reduce your mortgage rate?
Not necessarily.
According to Bheja founder, mortgage broker and investor Pravin Mahajan:
"If you've been a 'good' borrower, making timely repayments over the past few years, there are chances that you could negotiate a better deal with your lender, or elsewhere."
If you're wondering what kind of rate you could potentially get today, here are some of the lowest rates available on the market at the time of writing:
Source: Bheja.ai. 11/08/2026. Rates shown are based on the Bheja.ai rate data at the time of writing. Rates and eligibility criteria can change, and the lowest advertised rate may not be available to every borrower.
What does the RBA's decision mean for your mortgage?
The RBA's cash rate is not the rate you pay on your home loan. Your lender sets your mortgage rate, so today's decision does not automatically change your repayments.
The RBA's decision means the cash rate remains at 4.35%. Your lender may still change its own home loan rates, depending on how it prices its products.
For borrowers, the practical question is therefore less about today's cash rate and more about the rate you're actually paying on your mortgage.
What can borrowers do while rates stay on hold?
A rate hold doesn't mean your mortgage rate is fixed in place.
If you've had your home loan for several years, your circumstances may have changed. Your loan balance may be lower, your property may be worth more and you may have built a stronger repayment history.
You can start by asking your existing lender whether it can offer you a better rate. If the saving isn't enough, refinancing to another lender may be an option.
Before switching, compare the overall cost of the new loan, including fees and any features you would gain or give up.
Could you be paying more than you need to?
Knowing that lower rates exist is one thing. Knowing whether you could qualify for one is another.
Bheja's free Mortgage Health Check looks at your actual loan, rather than comparing you with a generic market average. It uses your loan details to assess where your rate sits and identifies loans that may be a better match for your circumstances.
The aim is to remove much of the work involved in finding and comparing a new loan. If you decide to refinance, Bheja also uses Open Banking to reduce the paperwork and repetition involved in the application process.
What could a lower mortgage rate save you?
Even a relatively small reduction in your interest rate can make a difference when applied to a large mortgage.
For example, on a $600,000 home loan, a rate of 5.64% instead of 5.90% would reduce the initial annual interest cost by around $1,560. The actual saving will depend on your loan balance, repayments and how long you keep the lower rate.
That's why it's worth checking where your current rate sits against the rates available today, even when the RBA hasn't moved.
The saving could go towards reducing your mortgage faster, building your savings, investing or simply giving your household more room in the budget.
What happens if the RBA cuts rates later?
A future RBA cut could lead to lower mortgage rates, but borrowers don't need to wait for that possibility to review their current loan.
If you can secure a more competitive rate now, the saving starts from the point your new rate takes effect.
And if the RBA cuts later, you can review your mortgage again.
