RBA Rate Rise September 2026: What It Means for Perth Homeowners and Buyers
On 29 September 2026, the Reserve Bank of Australia raised the cash rate by 0.25% to 4.60%.
It’s the fourth rate rise of 2026, and the cash rate is now a full 1% higher than it was in January. For Perth homeowners, that means higher repayments. For Perth buyers, it means lower borrowing power, just as the spring selling season gets underway.
Here’s what has happened this year, what it costs you in real dollars, and what you can do about it.
2026 rate rise history
| Date | Decision | Cash rate |
|---|---|---|
| 1 January 2026 | Starting rate | 3.60% |
| 3 February 2026 | ▲ +0.25% | 3.85% |
| 17 March 2026 | ▲ +0.25% | 4.10% |
| 5 May 2026 | ▲ +0.25% | 4.35% |
| 16 June 2026 | Hold | 4.35% |
| 11 August 2026 | Hold | 4.35% |
| 29 September 2026 | ▲ +0.25% | 4.60% |
| 3 November 2026 | Next decision | – |
Why are interest rates in Australia still rising?
The Perth market right now
Perth remains one of the strongest property markets in the country. According to REIWA (12 months to August 2026):
- Median house price: $955,125
- Median unit price: $690,000
- Listings: 7,335 properties for sale, up more than 146% on a year ago
- Median rent: $750 a week for houses, $700 a week for units
Prices are high, but buyers finally have more choice. Listings have passed 7,000 for the first time in over three years, which means less competition at open homes and more room to negotiate. Rising rates are thinning out the buyer pool, and that can work in your favour if your finance is in order.
How much more are Perth homeowners paying?
| Perth scenario | Loan amount | Monthly repayment (Jan 2026) |
Monthly repayment (Oct 2026) |
Extra per month | Extra per year |
|---|---|---|---|---|---|
| First home buyer: $600,000 home, 5% deposit | $570,000 | $3,272 | $3,640 | +$368 | +$4,417 |
| Median Perth unit: $690,000, 5% deposit | $655,500 | $3,763 | $4,186 | +$423 | +$5,080 |
| Median Perth house: $955,125, 20% deposit | $764,100 | $4,387 | $4,880 | +$493 | +$5,921 |
How each rise added up (median Perth unit, $655,500 loan)
| Rate rise | Variable rate | Monthly repayment | Increase since January |
|---|---|---|---|
| Start of 2026 | 5.60% | $3,763 | – |
| February | 5.85% | $3,867 | +$104 |
| March | 6.10% | $3,972 | +$209 |
| May | 6.35% | $4,079 | +$316 |
| September | 6.60% | $4,186 | +$423 |
| If rates rise again | 6.85% | $4,295 | +$532 |
What this means for Perth homeowners
On a variable rate: your lender will pass on the increase within a week or two, if it hasn’t already. Check your new repayment amount, review your budget, and keep spare cash in your offset account, where it reduces the interest you pay.
On a fixed rate: nothing changes until your fixed term ends. If it expires in the next 6 to 12 months, start planning now. Many borrowers rolling off a fixed rate set in 2025 will see a sizeable jump.
What this means for Perth buyers
Your borrowing power has dropped. Lenders test your application at a rate about 3% above the actual loan rate. With four rises this year, many Perth households can now borrow tens of thousands of dollars less than they could in January.
For a deeper look at borrowing power, loan options and making smarter home loan decisions in 2026, see our guide on smarter home loan decisions.
Check your pre-approval. If you were pre-approved before 29 September, your limit may no longer hold at the new rate. Have it reassessed before you bid.
Buying can still compete with renting. A median Perth unit rents for around $700 a week, or about $3,033 a month. With a 5% deposit, repayments on a median unit are about $4,186 a month. The gap is real, but for many renters, every payment would be building equity instead of paying a landlord. The government’s 5% Deposit Scheme, with a Perth price cap of $850,000, and WA’s stamp duty exemption up to $600,000 help close that gap.
Fixed vs variable: which is better right now?
| Fixed rate | Variable rate | |
|---|---|---|
| Certainty | Repayments locked for 1 to 5 years | Repayments move with the RBA |
| Flexibility | Limited extra repayments; break costs may apply | Unlimited extra repayments, offset accounts |
| If rates keep rising | You’re protected | Repayments increase |
| If rates fall | You miss out | You benefit |
Should I refinance?
If you haven’t reviewed your home loan in the past 12 months, it’s worth checking. Lenders often give their sharpest rates to new customers while existing borrowers pay more. A difference of 0.50% on a $650,000 loan is worth around $200 a month.
Refinancing may make sense if:
- your rate is well above what lenders are offering new customers
- your fixed term is ending soon
- your Perth property has risen in value, lowering your loan-to-value ratio (LVR)
- you want an offset account, or to consolidate higher-interest debt
Before you switch, consider discharge fees, break costs and whether you’ll pass the new lender’s serviceability test at today’s higher rates. Sometimes the quickest win is having a broker negotiate a better rate with your current lender.
Five things to do this week
- Check your current interest rate in your banking app.
- Update your budget with the new repayment amount.
- Move spare savings into your offset account.
- Note your fixed rate expiry date, if you have one.
- Book a free home loan health check before the next RBA decision on 3 November.
Don't wait for the next rate move
You can’t control the RBA, but you can control your home loan. Whether you’re an existing homeowner feeling the squeeze or a buyer wondering how much you can still borrow, a 15-minute review gives you a clear plan.
If you’re still deciding whether to buy property now or wait in 2026, our guide looks at the Perth property market, interest rates and the factors buyers should consider before making a decision.
At Financehub Co, we compare home loans across a wide panel of lenders and do the legwork for you. The chat is obligation-free.
📅 Book your home loan chat: www.financehubco.com.au
📞 Call Edy Hartono: 0452 520 430
✉️ Email: edy@financehubco.com.au
One Hub, One Stop Finance.
General information only. This article does not consider your personal objectives, financial situation or needs. Repayment figures are estimates for illustration only and assume a 30-year principal and interest loan. Market figures are from REIWA (12 months to August 2026). Interest rates and lending criteria are subject to change. All lending is subject to lender credit assessment and approval. Financehub Co (CRN 577025) operates under Australian Credit Licence 389328.
