Recent moves by major banks to lift some fixed mortgage rates — even after the Reserve Bank cut the Official Cash Rate — have raised concerns about the impact on household budgets and the wider economy.

New Reserve Bank Governor Dr Anna Breman has warned that higher mortgage rates risk slowing the economic recovery, particularly when inflation is easing and the OCR is intended to provide relief to borrowers. 

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Despite this, some banks have increased longer-term fixed rates, citing changes in wholesale funding costs. The result? Borrowers are left paying more — unless they take action.

Don’t Assume Your Bank Is Offering the Best Deal

Both the Government and the Reserve Bank agree: borrowers should shop around. Many homeowners stay on rates that are no longer competitive simply because they haven’t reviewed their mortgage.

Refinancing could help you:

• Secure a sharper rate

• Reduce repayments

• Restructure your loan for more flexibility

• Avoid unnecessary increases

Talk to Mortgage Money Before You Re-fix

At Mortgage Money, our team of advisers compare lenders, negotiate on your behalf, and help you choose a structure that fits your goals — not the bank’s margins.

If your rate is up for review soon, or your repayments have increased, now is the time to act.

Get a free mortgage review with Mortgage Money and see if refinancing could save you thousands.