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:
  • Owner-occupier refinancing rose 19.5%.
  • Investor refinancing rose 3.3%.
  • Total home loan commitments rose 8.6%.
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:
  • Managing higher repayments.
  • Improving monthly cash flow.
  • Creating more certainty if rates rise again.
That’s why refinancing conversations are increasing across the market.
 
I 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.