A record number of Australians are switching lenders – and for good reason.
New ABS data shows external refinances jumped 25.2% in the September quarter compared to last year, reaching an all-time high. This isn’t happening because borrowers are simply restless — it’s because the potential savings are now too significant to overlook.
Why so many borrowers are moving
With recent rate cuts, lenders have been adjusting their pricing unevenly. Some have passed on reductions in full, while others have only made modest changes. The result?
Two people with the same loan size can now be paying very different monthly amounts, depending on their lender.
Borrowers rolling off older fixed rates or long-standing variable rates are seeing particularly sharp benefits. Even a 0.30%–0.50% decrease can free up thousands per year, which is why refinancing activity is surging.
Before you refinance: three things to check
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New-to-bank offers are often sharper.
Lenders tend to reserve their best pricing for new customers.
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Hot deals can move quickly.
Some lenders are repricing every few weeks, so timing matters.
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Match the loan to your goals.
The “cheapest” rate isn’t always the best fit. Your structure, features, and long-term strategy matter just as much.
Want to know your potential savings?
If you’re curious about how much switching could save you, I can compare lenders and show you the difference between your current rate, a renegotiated one, and new-to-bank options — all while making sure the loan aligns with your broader financial strategy.