Refinance · September 2026
Yes, and most will move if you can name a better one.
Banks reprice loans for customers who ask, and the number to ask with is the best rate on the market for your loan. On 14 September 2026 that was 6.1% comparison rate (People First Bank) across the 32 lenders 1st Street works with. The middle lender was 6.57%. If you are on the middle rate with $500,000 owing, the gap is $153 a month. That is the sentence to open the call with.
Middle rate to best rate, principal and interest over 30 years. The number your bank is deciding whether to give you.
| Owing | At 6.57% | At 6.1% | A month | Over five years |
|---|---|---|---|---|
| $300,000 | $1,910 | $1,818 | $92 | $5,520 |
| $500,000 | $3,183 | $3,030 | $153 | $9,180 |
| $750,000 | $4,775 | $4,545 | $230 | $13,800 |
| $1,000,000 | $6,367 | $6,060 | $307 | $18,420 |
A 0.47-point gap. Find your own rate on your statement, then the rate monitor shows where it sits against every lender.
1. State your rate
“I’m on 6.5% on my variable loan.” Have the statement open. Comparison rate if you know it, headline rate if not.
2. Name the better one
“People First Bank is at 6.1% for the same loan.” A real lender and a real number. The bank checks, so use the panel or their own new-customer rate.
3. Ask, then stop
“Can you match it, or should I start the discharge?” Then say nothing. If it’s no, ask for the retention team. If it’s a small cut, ask what gets the rest.
Get the new rate in writing before you hang up, with the date it starts. A verbal “we’ll look into it” is a no.
If the bank will not close the gap to within about 0.3 points of the best rate, the fees to move, $450 to $1,400, are paid back in 3 to 10 months on $500,000. The refinance page does that sum for other balances. The discharge pageshave your lender’s form. Asking for it is often the thing that finally moves the rate.
Yes. Banks reprice existing loans every day, and the retention team exists for this call. You need two things: a rate to point at, and a reason they should believe you will leave. On 14 September 2026 the lowest comparison rate across 32 lenders was 6.1% and the middle rate was 6.57%. If you are near the middle, that gap is $153 a month on $500,000, and the bank knows it.
You can, but it is less a negotiation than a request with evidence. Say what rate you are on, name the rate a competitor is offering the same loan, and ask them to match it. Ask for it in writing. Banks rarely go below what they are offering new customers, so the realistic target is the rate on their own website for a new borrower like you, or the best rate on the panel if you are prepared to move.
The panel ran from 6.1% to 7.51% comparison rate on 14 September 2026, with the middle lender at 6.57%. Anything more than about 0.3 points above the best is worth a phone call. Anything more than a point above is worth a refinance. The rate monitor lists every lender, and the repayments pages turn a rate into dollars a month.
Keep it short. "I am on X percent. Lender Y is offering Z percent on the same loan. Can you match it, or I will move." Then stop talking. If the first person says no, ask for the retention or customer-retention team. If they offer a small cut, ask what it would take to get the rest. If they will not move, ask them to send the discharge form, because that is the moment they usually find another 0.2.
Then the question becomes whether the gap pays for the move. Switching costs about $450 to $1,400 in fees. On $500,000 at the middle rate, moving to the best rate saves $153 a month, so the fees are paid back in 3 to 10 months. The refinance page walks through it, and the discharge pages have every lender's form. Most people who get as far as the form never need to send it.
Priced 14 September 2026, re-priced monthly and after each RBA decision. Rates are comparison rates from the panel of 32 lenders 1st Street works with, on a $600,000 owner-occupied loan. Your rate depends on your loan, your deposit and your lender. Arthr Pty Ltd provides marketing and lead-generation services only; credit assistance is provided by 1st Street Pty Ltd, Credit Representative 490057 under Australian Credit Licence 389328.
A broker at 1st Street asks your lender first, and only moves you if they say no.