Fourteen per cent of mortgage holders – equivalent to 462,000 people – plan to refinance their home loan with a different lender in the next 12 months, according to new research from comparison site Finder.
A further 9% have already refinanced with a different lender in the past year, meaning almost a quarter of mortgage holders (23%) have either recently switched or are planning to.
The figures follow the Reserve Bank’s decision to lift the cash rate to 4.60% in September, its fourth increase of 2026.
More than one in three mortgage holders (34%) said they struggled to pay their home loan in September, according to Finder’s Consumer Sentiment Tracker.
Richard Whitten, money and home loans expert at Finder, said the latest rate rise was adding further pressure to household budgets.
“The latest cash rate hike has put even more pressure on household budgets, so it’s no surprise mortgage holders are looking for ways to ease the strain,” Richard said.
Richard said borrowers were increasingly willing to shop around when their current loan no longer stacked up.
Finder’s figures show that on a $500,000 home loan over 30 years, a difference of just 0.50% in interest rate adds up to more than $58,000 over the life of the loan.
“Your home loan is one of the biggest expenses, so even a small improvement in your rate or fees can make a meaningful difference over time.”
Beyond those planning to switch, 10% of borrowers said they were unsure whether they would refinance and 20% said they had considered it but hadn’t yet acted. Almost half (48%) said they had no plans to refinance at all.