The RBA’s next cash rate decision is due on December 9, with no cut expected at this stage. Here are a few other market shifts and property trends worth keeping on your radar this month.

• Mortgage costs fall again as rates ease
• Record refinancing shows savings on the table
• 5% Deposit Scheme expanded for first home buyers
• Listings jump while property prices climb

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Rate cuts easing repayment pressure

Good news if your budget’s been under pressure – mortgage interest charges are finally moving in the right direction. 

The Australian Bureau of Statistics reports mortgage interest costs dropped 1.4% in the June quarter and another 3.8% in the September quarter, helped by three rate cuts earlier this year. 

How borrowers are taking advantage of lower rates 

• Rebuilding savings buffers. A small monthly lift can add up fast. 
• Putting extra into their loan. Helpful while rates settle into a new range. 
• Reviewing their loan. There are big differences between some lenders. Why this matters

Even though rates have fallen, you might still be on a loan priced for old conditions. Lenders are shifting sharply right now, and the ‘lazy tax’ can creep in if you stay put without checking.

A quick check can show where you stand

If you want to see whether your rate is still competitive, I can review it quickly and show you what your savings might look like if you stayed, renegotiated or switched.

Refinancing surges as borrowers chase better deals

 A record number of Australians are switching lenders – and for good reason.

ABS data shows external refinances in the September quarter climbed 25.2% on last year and hit an all-time high. This isn’t happening because borrowers are restless – it’s happening because the savings are too big to ignore.

Lenders have been adjusting pricing unevenly after recent rate cuts. Some have passed on reductions in full, while others have made smaller movements. That means two borrowers with the same loan size can now be paying vastly different amounts each month.

What’s driving borrowers to switch

Borrowers coming off older fixed rates or legacy variable rates are seeing meaningful savings. Even a reduction of 0.30 to 0.50 percentage points can free up thousands per year.

Three tips before you consider refinancing

1. New-to-bank offers are often sharper than existing-customer rates.

2. Some lenders are repricing quickly, so some deals don’t last long.

3. Make sure your loan matches your financial goals – it’s not always about the lowest rate or fees.

If you’re wondering how much you could save by switching, I can compare lenders for you, while ensuring your new loan is in line with your strategy and goals.

Big boost for first home buyers

The 5% Deposit Scheme has quietly become one of the most powerful tools first home buyers have – and the latest expansion is a genuine game-changer.

From 1 October, the scheme now offers unlimited places and no longer has income caps. Eligible buyers can purchase with just a 5% deposit and avoid the large cost of lenders’ mortgage insurance (LMI), provided the property sits under your location’s price cap (from $500,000 in regional South Australia up to $1.5 million in Sydney).

The interesting shift isn’t just the expanded access – it’s how it’s expected to reshape competition. Without income caps, higher-earning couples who were previously excluded can now enter popular markets, which may push more demand into price ranges just under the caps.What this means in practice

• More buyers competing for townhouses and units in suburbs close to cap thresholds.
• Fast-moving markets, as buyers with small deposits can now act sooner.
• Larger borrowing amounts, because deposits are smaller and LMI isn’t required.

Think before using the scheme

Even though the deposit hurdle is lower, your long-term repayment comfort still matters. A higher loan balance means repayments need to fit safely within your budget and buffers.

If you want to check whether you're eligible - or see what your repayments might look like under the scheme - I can run the numbers for you. 

More homes for sale but prices rising

A surge in new listings would normally cool the market – but this time, buyers are snapping up good homes faster than they’re appearing.

Australia’s median property price rose 1.1% in October – the strongest monthly gain since mid-2023 – and is now up 2.8% over the quarter. Every capital city recorded growth, with five hitting new highs, according to Cotality.

At the same time, SQM Research reports a sharp lift in stock: total listings rose 10.9% in October and new listings jumped 18.2%. Normally, that much fresh supply slows price momentum. This time it hasn’t.

What’s really happening

Buyer demand is running ahead of supply, even with more homes coming to market. Rate cuts earlier this year have boosted confidence and borrowing power, so well- located homes are still seeing quickly.

What smart buyers are doing right now

Instead of waiting for conditions to cool, buyers are:

• Getting pre-approval earlier so they can move fast when the right home appears.
• Expanding their search radius into neighbouring suburbs.
• Stress-testing their budget at higher rates to avoid overstretching.

If you want to stay competitive while prices are climbing, I can help you understand your borrowing power and compare lenders before you start making offers.

Mortgage Broker with over 30 years experience, I can help first home buyers buy their 1st home, home buyers buy their second, third or fourth home, investment property investors and people who want to build a home.

Based in Victoria Point, I have helped clients all over Australia purchase a home including Gold Coast, Brisbane, Cleveland, Redland Bay, Thornlands, Thorneside, Ormiston, Alexandra Hills, Mt Cotton, Victoria Point, Wellington Point, Birkdale, Shailer Park and the greater Logan area.