Yes, you can still enjoy a rate cut this month—even with the Reserve Bank of Australia playing the role of a “Christmas in July” grinch.

While many were hoping the Reserve Bank of Australia would deliver a festive July rate cut, it appears the RBA had other plans, opting to wait for more evidence that inflation is heading back to target. In true Grinch style, they left the rate untouched.

But don’t pack away your Christmas jumpers just yet—there’s still cheer to be had. Despite the hold, the RBA’s commentary was on the softer side, hinting that rate cuts are likely still coming, possibly as early as August.

And let’s be honest—many Aussies (and most economists) were caught off guard. With power bills soaring in the winter chill, health insurance premiums rising, and households and small businesses still doing it tough, some relief would have been the perfect mid-year present.

But the good news is that you can still give yourself a Christmas in July rate cut. Here’s how to unwrap it:

1. Refinance or renegotiate

With the help of a savvy broker such as Our Broker, you could refinance or negotiate a better rate with your current lender. According to Canstar, the average owner-occupier who hasn’t renegotiated their home loan since the start of the rate hikes in May 2022 is on a variable rate of 6.61%. Yet, Canstar.com.au shows 35 lenders are offering at least one rate under 5.50%.

So, if you’ve got a $600,000 loan over 25 years, refinancing to a 5.50% rate could trim $408 from your monthly repayments, according to Canstar—that’s a bigger saving than four standard RBA cuts and could leave you with a little extra to splash on your Christmas in July festivities.

2. Offset your interest

Using a 100% mortgage offset account is another clever way to lower your interest. Let’s say you owe $500,000 and have $50,000 in savings in a mortgage offset account —your lender only charges interest on $450,000. That’s money saved every month, and none of the interest in your offset account is taxed.

Offset accounts often come with ATM access too, offering flexibility, but just remember to stay disciplined with your spending.

3. Make extra repayments

If you’re currently paying monthly, why not consider switching to fortnightly repayments. By repaying half your monthly loan liability every two weeks, you’ll make the equivalent of one extra monthly repayment annually (since there are 26 fortnights in the year).

Moreover, this small change can help you pay off your loan faster and save thousands in interest. For, example, if you switch from monthly to fortnightly repayments on a $500,000 loan over 30 years at 5.5% interest, you could save up to 5 years and over $100,000, according to Craig Betalli from Our Broker. Now that’s a stocking stuffer.

Don’t wait for the RBA to act—take control of your mortgage and make your money work harder for you. Whether it’s refinancing, negotiating a better deal, or setting up an offset account, Our Broker can help you unwrap real savings this winter.

Speak to the experts at Our Broker today and find out how much you could save. Visit www.ourbroker.net.au or call 1800 913 677 to get started.