Published: 16 June 2026 · By John Pierre Saliba, MFAA Accredited Mortgage Broker
Last updated: July 2026 · Reviewed by John Pierre Saliba, Director and Mortgage Broker, MFAA Accredited
RBA Holds at 4.35%, Fifth Consecutive Hold
The Reserve Bank of Australia held the cash rate at 4.35% at its June 2026 board meeting. The rate has been unchanged since November 2023.
The decision was widely expected. Inflation is continuing to moderate but has not yet returned sustainably to the RBA's 2 to 3% target band, which the board has repeatedly stated is the precondition for further cuts.
A hold is not bad news. It means stability for variable rate borrowers, no change to your repayments this month. But if you have not reviewed your rate in the past 12 months, you are almost certainly paying more than you need to. Lenders are competing aggressively for new business right now, and the gap between "existing customer" and "new customer" rates is as wide as I have seen. A 20-minute rate review can tell you exactly where you stand.
What This Means for Borrowers
Variable rate holders
No change to your repayments. Your rate stays where it is. However, lenders are competing aggressively for new customers. If you are on a rate above 6.0% and have not refinanced recently, there is likely a better deal available.
Fixed rate holders
If your fixed rate is expiring soon, now is the time to plan. Rolling onto a variable rate without comparing options typically means landing on your lender's standard variable, which is rarely the best available. A free refinance comparison across 50+ lenders takes 20 minutes and can save thousands per year.
Buyers and pre-approval holders
Stability is good for buyers. Your borrowing power is unchanged, and there is no urgency driven by rising rates. If you have a pre-approval, it remains valid. If you are considering buying, the current environment of stable rates and strong lender competition works in your favour.
Rate Timeline: 2023 to June 2026
- November 2023: Rate reaches 4.35% after 13 consecutive hikes from May 2022
- November 2023 to June 2026: On hold at 4.35% (no change)
When Is the Next RBA Meeting?
The next RBA board meeting is in August 2026. Market pricing suggests one further cut is possible through the remainder of 2026, but the RBA has emphasised it will be guided by the data rather than a predetermined path. Key indicators to watch: the next quarterly CPI print, employment figures, and global economic developments.
What Should You Do Right Now?
Regardless of what the RBA does next, the single most impactful action any borrower can take is checking whether their current rate is competitive. Lend and Loan compares 50+ lenders for free. If your lender is not offering you the same rate they give new customers, you have leverage, either to refinance or to negotiate.
Book a free rate review or call 02 8046 3933.
