"No need to wait for the RBA to make a move"
Australians could unlock substantial home loan savings by repricing their mortgages through brokers instead of waiting for interest rate decisions from the Reserve Bank of Australia (RBA).
This finding was highlighted in Sherlok’s Home Loan Interest Insights Report, which underscores the substantial financial benefits of loan repricing.
The report showed that Australian homeowners saved $84.5 million in interest costs in 2024 through Sherlok’s artificial intelligence (AI) repricing technology. On average, borrowers saved $972 annually, with thousands of clients achieving reductions exceeding $10,000 per year. In one case, a borrower saved over $34,000.
The Sherlok report also underscores opportunities for homeowners exiting fixed rate terms, with these borrowers achieving interest rate cuts of more than 1%. The most significant rate reduction in 2024 was 3.63% — the equivalent of 15 RBA rate cuts.
Unlike refinancing, which can be time-consuming and complex, Sherlok said repricing enables borrowers to reduce their interest rates while staying with their existing lender, streamlining the process.
“Australians don’t need to wait for the RBA to make a move,” said Adam Grocke (pictured above), chief executive of Sherlok. “Brokers have the tools to help clients secure significant savings today by repricing their loans with their current lender.
“Our latest report shows how brokers are delivering real financial benefits to Australians, putting money back in their pockets when they need it most. The data clearly shows that if clients don’t monitor their interest rates, they are highly likely to be taken advantage of by their current lender and end up paying too much interest.”
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