“The first step should be speaking with your mortgage broker and understanding your current position. That could mean asking your existing lender for a better rate, restructuring your loan or looking at whether refinancing to another lender could deliver a better outcome.”
Serviceability hurdles increase
The MFAA’s August 2026 Market Sentiment Survey of 588 mortgage brokers found:
- 96% had helped clients secure a discount in the previous six months
- 95% had helped clients refinance to another lender
- 91% had helped clients restructure their home loan
Refinancing is getting harder, however. The survey found 49.2% of brokers were seeing more clients unable to refinance because of serviceability requirements, up from 24.4% six months earlier. Serviceability is a lender’s assessment of whether a borrower can meet repayments, including under higher assumed rates.
“This is why getting on the front foot is important,” Pannek said. “Borrowers shouldn’t wait until they are struggling with repayments before reviewing their position. Speaking with a mortgage broker early gives them more time to understand their circumstances and what options may be available.
“A rate rise affects every household differently. The important thing is to know where you stand rather than assuming there is nothing you can do.”
