RBA Housing Lending Rates (table F6) · June 2026

The mortgage loyalty gap

Name: Australian mortgage rate gap — existing vs new borrowers, June 2026
Creator: Oz Finance Hub
License: https://www.rba.gov.au/copyright/

How much more existing borrowers pay on their home loan than new customers get — quantified monthly from the RBA’s own lending-rate data. Right now the gap has closed to zero — down from a peak of +60bp.

0bp

owner-occupier gap right now · outstanding vs new

+60bp

peak gap · June 2020

6.20%

average rate, existing owner-occupier loans

6.20%

average rate, new owner-occupier loans

All-loans figures blend fixed and variable rates — not a pure variable-rate comparison.

The gap over time

Average rate on the existing (outstanding) loan book vs loans funded that month, for owner-occupiers. The gap has been as wide as +60bp (June 2020), and has shown no gap every month since March 2025.

Month	Existing (outstanding)	New customers	Gap
June 2026	6.20%	6.20%	0bp
May 2026	6.20%	6.20%	0bp
April 2026	6.00%	6.00%	0bp
March 2026	5.90%	5.90%	0bp
February 2026	5.70%	5.70%	0bp
January 2026	5.50%	5.50%	0bp
December 2025	5.50%	5.50%	0bp
November 2025	5.50%	5.50%	0bp
October 2025	5.50%	5.50%	0bp
September 2025	5.50%	5.50%	0bp
August 2025	5.50%	5.50%	0bp
July 2025	5.80%	5.80%	0bp
June 2025	5.80%	5.80%	0bp

How to read this

Outstanding is the average rate across every existing loan on lenders’ books — including loans nobody has touched in years.
New is the average rate on loans actually funded that month — what a lender offers to win new business or a refinance.
A positive gap means the average existing borrower is paying more than a new customer would get today for the same loan type. It reflects a market-wide average — an individual loan could be above or below either figure depending on its own rate history and negotiations.
Why it’s closed right now: this data doesn’t say why — it only shows that outstanding and new rates have matched every month since March 2025, a period that has coincided with the RBA cutting the cash rate rather than raising it. That timing doesn’t prove cause and effect; treat it as context, not an explanation.

Methodology and sources

Figures are from the Reserve Bank of Australia’s statistical table F6 Housing Lending Rates (June 2026), all-institutions coverage, all-loans rate type (a blend of fixed and variable). This is general information, not financial advice or a personalised refinance recommendation — an individual loan’s rate depends on its own history, lender and negotiation, not just these market averages.

You’re welcome to reference these figures with a link and attribution to the RBA (Source: Reserve Bank of Australia — see the RBA’s copyright terms for its statistical data). Suggested citation: “Australian mortgage rates, Oz Finance Hub, ozfinancehub.com.au/australian-mortgage-rates”.

If refinancing could be worth it for you, work out the actual break-even with the refinance break-even calculator, or see household debt statistics for the leverage context behind these rates.

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The gap over time

Average rate on the existing (outstanding) loan book vs loans funded that month, for owner-occupiers. The gap has been as wide as +60bp (June 2020), and has shown no gap every month since March 2025.

Month	Existing (outstanding)	New customers	Gap
June 2026	6.20%	6.20%	0bp
May 2026	6.20%	6.20%	0bp
April 2026	6.00%	6.00%	0bp
March 2026	5.90%	5.90%	0bp
February 2026	5.70%	5.70%	0bp
January 2026	5.50%	5.50%	0bp
December 2025	5.50%	5.50%	0bp
November 2025	5.50%	5.50%	0bp
October 2025	5.50%	5.50%	0bp
September 2025	5.50%	5.50%	0bp
August 2025	5.50%	5.50%	0bp
July 2025	5.80%	5.80%	0bp
June 2025	5.80%	5.80%	0bp

How to read this

Outstanding is the average rate across every existing loan on lenders’ books — including loans nobody has touched in years.

New is the average rate on loans actually funded that month — what a lender offers to win new business or a refinance.

A positive gap means the average existing borrower is paying more than a new customer would get today for the same loan type. It reflects a market-wide average — an individual loan could be above or below either figure depending on its own rate history and negotiations.

Why it’s closed right now: this data doesn’t say why — it only shows that outstanding and new rates have matched every month since March 2025, a period that has coincided with the RBA cutting the cash rate rather than raising it. That timing doesn’t prove cause and effect; treat it as context, not an explanation.

Methodology and sources

If refinancing could be worth it for you, work out the actual break-even with the refinance break-even calculator, or see household debt statistics for the leverage context behind these rates.