The RBA Just Raised Rates Again. Here's What to Do Next.
Well, it's official. As of 5th May 2026 the Reserve Bank of Australia has lifted the cash rate by 0.25% to 4.35%, and the banks are widely expected to pass that on to borrowers.
We know. Not the news anyone wanted.
What Does the Rate Rise Mean for Your Repayments?
If you're on a variable rate home loan, your repayments will likely increase once your lender passes on the rate rise. The exact amount depends on your loan size and remaining term, but even a small increase adds up over time.
If you're on a fixed rate, you're protected for now but it's worth knowing what you're coming off onto when your fixed term ends.
Either way, this is a good moment to actually look at your loan, not just set-and-forget it.
What Can You Actually Do?
Here's where we'd start:
Check your current rate. Sounds obvious, but you'd be surprised how many people don't actually know what they're paying. Log in, find out, write it down.
Compare what else is out there. Loyalty to your bank is lovely, but it rarely saves you money. Lenders are competing hard for business right now, and there may be better options available.
Look at your loan structure. An offset account or redraw facility can meaningfully reduce the interest you're paying. So can switching from monthly to fortnightly repayments it adds up to one extra repayment a year.
Talk to a broker. A good mortgage broker in Coffs Harbour will do the legwork for you comparing lenders, crunching the numbers, and finding a solution that actually fits your situation. That's what we're here for.
We Work for You, Not the Banks
At North Coast Lending, our team of local brokers works across home loans, commercial finance, equipment loans, and more. We're based right here on the Coffs Coast, and we're legally obligated to act in your best interests not the lender's.
Rate rises are uncomfortable. But they're also a reminder that having the right loan structure matters.
Book a chat with our team today and let's take a look at your options.
CONTACT US TODAY
We are based on the beautiful Coffs Harbour coast and we offer a complimentary home loan broking service.
Make an appointment today for an obligation-free chat, to talk about what you need and how we can help.
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