At Oxygen Home Loans our brokers talk to a lot of Australians about their home loans. And one of the most common things we hear (almost word for word ) is this: “I haven’t really looked at my mortgage in years. I assume the bank would tell me if a better deal came along.”
It’s a completely understandable assumption. And it’s almost always wrong.
Here’s the reality: over 640,000 Australians refinanced their home loans in 2025, a record number, up 20% on the previous year according to the Australian Bureau of Statistics. That’s more than 1,700 people every single day deciding their current loan wasn’t good enough anymore.
The market didn’t change for them overnight. Their banks didn’t send a letter. They went looking and they found something better.
What “Loyalty” Actually Costs You
We all know that banks compete hard to attract new customers. What gets talked about less is what happens once you’re already their customer. The introductory rates and sharp discounts tend to go to people switching lenders — not to those who’ve been paying quietly for five or ten years.
Right now, the RBA cash rate sits at 3.85% down from a 13-year high of 4.35% in late 2024. Average variable rates for new borrowers are around 5.5% as of late 2025, according to RBA data. If your loan was written in 2022 or 2023 and hasn’t been reviewed, there’s a real chance you’re paying significantly more than that.
I want to be clear: your outcome will depend on your own situation. But the question worth asking is simple do you actually know what rate you’re on right now?
What Refinancing Can Actually Do For You
When people hear “refinancing,” they often think it means a stack of paperwork and months of hassle. That’s not the experience most borrowers have today especially when they work with an Oxygen broker who handles the heavy lifting.
Refinancing is worth considering if you want to:
- Reduce your monthly repayments by accessing a sharper interest rate
- Switch from a variable rate to a fixed rate (or the reverse) depending on where you think rates are heading
- Consolidate other debts — like car loans or credit cards — into your mortgage at a lower overall rate
- Access equity built up in your home for renovations or investment
- Get better loan features, like an offset account or a redraw facility, that your current lender doesn’t offer
These aren’t abstract possibilities. They’re the actual reasons that drove Australia’s record refinancing numbers in 2025.
The Part Most People Miss
Here’s something worth understanding about how refinancing works in practice: more than 75% of all new home loans in Australia are now arranged through a mortgage broker, according to the Mortgage & Finance Association of Australia. Brokers have access to a panel of lenders, not just one bank, which means they can genuinely compare options across the market on your behalf.
A broker’s job is to work for you, not for the bank. That’s a meaningful difference, and it’s one reason so many Australians now choose to use one.
So… Is Your Loan Still Working For You?
If you haven’t reviewed your mortgage in the last 12 to 18 months, there’s a genuine chance you’re paying more than you need to. The only way to know for sure is to take a look.
We’ve put together a straightforward guide to help you understand the refinancing process — what to check, what questions to ask, and how to know when it’s worth making a move. It’s written for everyday Australians, not finance experts.
👉 Download our free Refinance Guide → oxygen.com.au | Call Oxygen Home Loans: 1300 855 699
⚠ Disclaimer: This information is general in nature. Please seek independent financial advice suited to your personal circumstances.
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