Weekly Market Brief #4 — Lenders are moving before the RBA

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Weekly Market Brief

The week in rates, lenders and lending policy — translated into plain English for home owners, buyers and investors — wherever you are in Australia.

EDITION 04 · WEEK ENDING SUNDAY 20 SEPTEMBER 2026

The numbers that matter

Your one-glance snapshot as at Monday 21 September 2026 — RBA decision week is here.

RBA cash rate
4.35%
Held 11 Aug · board meets 28–29 Sep
Odds of a hike
82% ▲
ASX futures 17 Sep · ~93% reported Fri 18 Sep
Annual inflation
3.5% ▼
July CPI (26 Aug) · core stuck at 3.6%
Sharpest variable
~5.69%
Best of market · only 2 rates under 5.75%

This week in 60 seconds

Four things that happened, and why they touch your mortgage.

  • The Reserve Bank has talked itself into hawkish territory. Governor Michele Bullock told Parliament on Friday that “upside risks to inflation appear to be materialising” — pointing to Middle East conflict pushing up oil and shipping costs, and AI-driven price pressures.
  • Traders all but expect a hike on Tuesday. The ASX RBA Rate Tracker priced an 82% chance of a 25bp rise as at 17 September — up from 62% on 4 September — and reports put odds around 93% by Friday.
  • Lenders are moving before the RBA does. Nine lenders have raised fixed rates in September alone; on 17 September NAB and ANZ lifted fixed rates by up to 0.20 percentage points (NAB’s one-year went 6.44% → 6.59%). Five lenders raised 115 fixed rates by an average of 0.27% in a single week, while just two cut variable rates — by a token 0.05%.
  • The housing slowdown deepened — with one bright spot. National home prices fell 0.2% in August, a fifth straight drop and 2.7% below the March peak (regional values holding flat while capitals sit 3.6% down). APRA data shows 90-day arrears at 1.01% — yet auction clearances jumped to a 19-week high of 58.5%.

What it means for you

Where you sit decides what this week’s news means for your hip pocket.

🏦 On a variable rate

The average owner-occupier variable is 6.61% against a ~5.69% market low — on a $500k loan, that gap is roughly $300 a month. If the RBA adds 25bp on Tuesday, add ~$82 a month per $500k. Set your buffer today, not Tuesday afternoon.

⏳ Fixed rate expiring

Fixed specials are moving up, not down: nine lenders lifted fixed in September and the big four’s lowest advertised fixed is 6.34%. Australia’s lowest one-year fixed is still 5.79% (Police Credit Union) — if certainty matters, price it before Tuesday.

🔄 Thinking of refinancing

Cashbacks of up to $4,000 are still live and 50 lenders offer sub-6% variables. Ring your bank and ask to be priced like a new customer — refinancers are in a strong spot while lenders chase new business ($11.6bn refinanced via serviceability exceptions last quarter).

Smart moves this week

Four things you can do before the RBA calls it on Tuesday 29 September.

  1. Find your current interest rate — it’s on your loan statement or app. At or above the ~6.61% average, you’re paying the “staying” premium; best of market is ~5.69%.
  2. If you’re fixed, write down your expiry date and revert rate — and get quotes before Tuesday, because fixed pricing is rising into the decision.
  3. Ring your lender and ask for a better deal — 50 lenders are under 6%, so ask to be priced like a new customer. Check cashback end dates before switching.
  4. Diary Tue 29 September, 2:30pm (RBA call) and Wed 30 September (August CPI, the day after). A hike ≈ $82/month per $500k borrowed — check your buffer tonight so it’s a shrug, not a shock.

Where rates could head next

All four big banks are still aligned on the direction — only the timing differs.

NAB
Hike — September 2026

The only big-four bank expecting a 25bp rise on 29 September, to 4.60%. Macquarie is also tipping September.

CommBank Economics
Hike — November 2026

+25bp on 2–3 November, alongside a downgraded home-price outlook — reaffirmed 9 September.

ANZ
Hike — November 2026

+25bp at the November meeting to 4.60%. Also sees cuts arriving next year.

Westpac Economics
Hike — November 2026 (U-turned 8 Sep)

Chief economist Luci Ellis: November is “the base case”, peaking at 4.60% — cuts now start August 2027.

Translation: the debate is when, not whether — and the futures market has landed on the earlier date (82% as at 17 Sep). Plan around the rate you’re paying today — that’s the only one you can change.

Wondering what your rate should be?

REMC Finance is an AFG award-winning broker comparing 40+ lenders for borrowers Australia-wide. Contact me by phone, text or email, or submit an enquiry form — for a free, no-obligation rate health check. Or I can come to you — by phone, video or in person.

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