Borrowers are clearly responding to rising rates – and refinancing is becoming one of the biggest mortgage trends in the market.
The latest ABS lending data shows refinancing activity jumped sharply in the March quarter, as borrowers reacted to the Reserve Bank’s February and March rate rises.
That trend may strengthen further once the May increase fully flows through.
The numbers tell the story
Compared to a year earlier:
But compared to the previous quarter, overall loan commitments fell 6.2%, suggesting some buyers may already be becoming more cautious.
Why timing matters here
This data captures the first two 2026 rate rises and the early stages of the Middle East conflict.
But it does not yet include the May rate rise and the federal Budget’s property tax changes – which means borrowing behaviour could shift again over coming months.
Right now, many borrowers aren’t necessarily looking for the absolute lowest rate.
Instead, they’re thinking about:
That’s why refinancing conversations are increasing across the market.
We can help you compare your current loan against what’s available now and assess whether changing lenders, restructuring your loan or improving your cash flow could make a difference.
