Interest Rates at a 15-Year High: What the RBA’s 3 November Decision Could Mean for Your Mortgage

Mortgage holders have felt the pressure build this year. On 29 September, the Reserve Bank of Australia (RBA) lifted the official cash rate to 4.60%, its fourth increase of 2026 and the highest level in around 15 years. For variable-rate borrowers, those higher repayments began flowing through from early October. Now attention turns to the RBA’s next interest rate decision on 3 November 2026, and it is finely balanced.

At FinTax Partners in Greenslopes, we help homeowners and investors understand what rate movements mean for them and, through our affiliated finance company, review whether their loan still stacks up. Here is where things stand and what you can do.

Where Rates Sit Now

The cash rate is 4.60%, the highest it has been since 2011. The RBA has pointed to inflation remaining elevated, with annual inflation around 3.5%, above the midpoint of its 2 to 3 per cent target. In raising rates in September, the Board noted that some of the upside risks to inflation it had flagged earlier were materialising, and it left the door open to moving again if needed.

What Could Happen on 3 November?

Economists are divided. Some, including ANZ and Westpac, expect a further rise, while others, including CBA and NAB, expect the RBA to hold and reassess. Money markets have been pricing the decision as close to a coin toss. The September-quarter inflation figures are the last major release before the meeting, and they may tip the balance.

The honest answer is that nobody can predict the outcome with certainty, and forecasts shift with each new piece of data. The more useful question for most borrowers is simpler: whatever the RBA does, is my loan still working for me?

What Higher Rates Mean for Borrowers

Here is a point worth remembering: the RBA sets the cash rate, but your lender sets your actual mortgage rate. Lenders often move broadly in line with the RBA, but not always, and not always in full. With rates at a 15-year high:

• Variable-rate repayments have already risen, so it is worth knowing your buffer and reviewing your budget.
• If you are on a fixed rate that is ending soon, check what your repayments will look like when it rolls to a variable rate.
• It is a good moment to check whether your lender is still offering you a competitive rate, or whether you are quietly paying more than you need to.

For independent, general guidance on home loans and budgeting, the government’s Moneysmart website is a useful starting point.

What Brisbane Borrowers Can Do Now

You do not need to wait on the RBA to take control of your own position. Depending on your circumstances, it may be worth:

• Checking your current interest rate against what is available in the market today
• Reviewing whether a variable, fixed or split loan better suits your plans, as each has trade-offs
• Making sure you are using an offset account effectively
• Reviewing your repayment buffer so a further rise would not catch you out
• Considering whether refinancing could improve your position, factoring in any costs

The right choice depends on your goals and circumstances, which is why it helps to talk it through rather than act on a headline.

How FinTax Partners Helps

Because we bring accounting and finance together, we look at your loan and your tax position as one picture. Through our mortgage broking service, we can review your current home or investment loan, compare it against the market, and help you decide on your next step with your cash flow and tax strategy in mind.