Home Loan Rates Are Rising Again: Is It Time to Review Your Perth Mortgage?

The Reserve Bank increased the cash rate again in September 2026, and lenders have started increasing variable home loan rates in response.

For Perth homeowners, that means one simple thing. It is worth checking your mortgage.

Not necessarily refinancing. Not panicking. Just making sure the home loan you have today is still competitive.

What does the latest rate rise mean for Perth homeowners?

If you have a variable home loan, your lender may increase your interest rate and monthly repayment.

How much that affects you will depend on your loan balance, current rate and remaining loan term.

For someone with a larger Perth mortgage, even a relatively small increase in rates can make a noticeable difference to the household budget.

That's why this is a good time to look at the loan as a whole.

Start with your actual home loan rate

Before comparing anything, check what you're currently paying. Open your banking app or latest home loan statement and find:

• your current interest rate
• your loan balance
• your monthly repayment
• any annual package fee
• whether you have an offset account
• whether you have redraw
• how long you have left on the loan.

We often speak with Perth homeowners who know what the RBA has done, but don't actually know the rate on their own mortgage.

That's the number that matters.

Should you refinance your home loan in Perth?

Maybe.

A rate rise is a good reason to review your mortgage, but it doesn't automatically mean changing lenders is the best option.

When we review a Perth home loan at Mesh Finance, we compare your existing loan with suitable alternatives and look at the full cost of moving. That includes:

• interest rates
• repayments
• annual fees
• offset and redraw features
• refinancing costs
• loan structure
• any lender incentives available.

Sometimes refinancing saves enough money to make moving worthwhile.

Sometimes your existing lender is already competitive.

And sometimes we can approach your current lender and ask for a better rate without refinancing at all.

A lower rate isn't the only thing to look at

It's easy to focus on the interest rate. But the best home loan isn't always the one with the lowest advertised number.

For example, you might be paying for a package with an offset account you never use. Or you might have a basic loan with no annual fee that is actually perfect for how you manage your money.

A good home loan review should look at both the rate and the product.

Perth property growth may have improved your position

This is another reason it may be worth reviewing your mortgage now.

Many Perth homeowners have seen their property values increase significantly over the past few years.

If your property value has gone up while you've also been paying your mortgage down, your loan-to-value ratio may now be much lower.

That can matter when we compare lenders. A lower LVR can sometimes give you access to better pricing or more lender options.

You may also have usable equity that wasn't available when you first took out the loan. Our home equity calculator can give you a rough idea of where you stand.

Could you refinance and consolidate other debts?

For some households, the home loan isn't the only repayment putting pressure on the budget. You may also have:

• credit cards
• personal loans
• car loans
• other consumer debts.

Depending on your circumstances and available equity, it may be possible to consolidate eligible debts when refinancing your mortgage. This can reduce the number of repayments you're managing and improve monthly cash flow.

But it needs to be done properly. We don't want to take a short-term debt and quietly stretch it across a 30-year mortgage.

If debt consolidation is part of the refinance, we can look at how that portion should be repaid so there is still a clear plan to get rid of it.

Are you using your offset or redraw properly?

With home loan rates higher, the way you use your loan features matters even more.

If you have a full offset account, keeping savings in it can reduce the balance you're charged interest on. For example, if you owe $600,000 and have $40,000 sitting in a full offset account, interest is generally calculated on $560,000 instead.

If you don't have an offset, it may be worth checking whether your loan has redraw and whether you're making the most of it. Our offset vs redraw calculator can help you compare.

Sometimes improving how you use your current home loan can make a difference without changing lenders.

Should Perth homeowners be fixing their home loan now?

We're getting this question more often. The answer depends on your situation.

A fixed rate can give you certainty around your repayments for a set period. But fixed loans can also come with restrictions around additional repayments, offset accounts and refinancing.

Rather than trying to guess exactly what interest rates will do next, we prefer to look at what you need from the loan. If certainty is important to you, fixing some or all of the loan may be worth considering. If flexibility matters more, a variable loan may still suit you better.

What if your mortgage repayments are getting uncomfortable?

Don't wait until you miss a repayment to look at your options. The earlier you review your position, the more choices you may have. That might mean:

• negotiating a better rate
• refinancing
• restructuring your loans
• consolidating eligible debts
• changing your loan product
• speaking with your lender about hardship options.

Sometimes a relatively small change can make the monthly budget much easier to manage. If lending isn't the right answer right now, there are also free financial hardship support services that can help.

When did you last have a proper home loan review?

If you haven't reviewed your mortgage for a couple of years, a lot may have changed.

Your property may be worth more. Your loan balance may be lower. Your lender's pricing may have changed. Other lenders may now be more competitive for your situation. And your own plans may be completely different from when you first took out the loan.

A home loan shouldn't necessarily be something you set up once and never look at again.

Looking for a mortgage broker in Perth?

At Mesh Finance, we help Perth homeowners review their current home loans and work out whether they still have the right lender, rate and loan structure. We can compare suitable home loans from our lender panel, look at the costs involved in refinancing and explain the options clearly.

If refinancing makes sense, we'll show you why. If you're better off staying where you are, we'll tell you that too.