The RBA is due to announce its next cash rate decision at 2.30pm AEST on Tuesday, 5 May 2026. The current cash rate target is 4.10 percent.

At MAW Money, our view is that another rate rise is likely. Inflation remains above the RBA’s target band, with annual CPI rising 4.6 percent in the 12 months to March 2026. The RBA’s inflation target is to keep annual consumer price inflation between 2 and 3 percent.

For homeowners, first-home buyers and investors, another increase could place more pressure on monthly repayments. This may be felt most by borrowers with larger mortgages, investors holding multiple properties and households already managing a tighter budget.

While the RBA decision is outside your control, your loan structure, budget and repayment strategy can be reviewed now. A few practical steps can help you understand your position and make better decisions before the pressure builds.

1. Check your current interest rate

Start by checking the interest rate you are paying today.

You should also review your loan balance, repayment type, loan term and any monthly fees. Many borrowers set up their home loan and leave it running for years, even when better options may be available.

Knowing your current position gives you a clear starting point. It also makes it easier to compare your loan against what other lenders are offering.

2. Work out what a rate rise could mean for your repayments

Before the RBA announcement, take the time to calculate what your repayments could look like if rates rise again.

Even a small increase can make a difference, particularly on a larger mortgage. For investors with several loans, the impact can build quickly across a portfolio.

A simple repayment check can help you see how much extra you may need to allow for each month. This makes it easier to adjust your budget early.

3. Review your household budget

A rate rise is a good reason to look closely at your household spending.

Focus on the costs that have changed over the past few months. This might include groceries, insurance, utilities, fuel, childcare, subscriptions or general lifestyle spending.

The aim is to understand where your money is going and where you may have room to adjust. Small changes can help create more space in your monthly cash flow.

4. Speak to your lender about your current rate

It is worth asking your current lender whether they can offer you a sharper rate.

Many lenders have different pricing for new customers and existing customers. If your loan has not been reviewed recently, you may be paying more than you need to.

A rate review can be a simple first step before looking at a full refinance.

5. Consider whether refinancing could help

Refinancing may help you reduce your repayments, improve your loan structure or access features that better suit your situation.

This can be useful if your rate is no longer competitive, your property value has increased, or your financial position has changed since your loan was set up.

The right refinance option should support your broader position. This includes your income, expenses, future plans and how much flexibility you need.

6. Make better use of your offset account

If you have an offset account, check whether you are using it properly.

Money held in an offset account can reduce the interest charged on your home loan. This can be helpful for borrowers who keep savings aside for bills, emergencies or future expenses.

For many households, an offset account can provide flexibility while still helping reduce interest costs over time.

7. Look at your repayment type

Your repayment type can have a big impact on monthly cash flow.

Some borrowers may be paying principal and interest. Others may have an interest-only period, particularly for investment loans.

It is worth reviewing whether your current repayment type still suits your position. This is especially relevant for investors, borrowers with multiple properties and anyone approaching the end of a fixed or interest-only period.

8. Review your investment property cash flow

Investors should look at each property separately.

Review the loan repayments, rental income, property management fees, insurance, maintenance costs, council rates, body corporate fees and land tax where relevant.

This will help you understand which properties are performing well and which ones may need closer attention. A clear view of cash flow can also help you make better decisions around refinancing, rent reviews and future investment plans.

9. Avoid making rushed finance decisions

Rate rises can create pressure, but quick decisions can sometimes lead to higher costs.

Before changing loans, selling property, consolidating debt or switching repayment types, take the time to understand the full impact.

There may be fees, tax considerations or long-term effects that need to be factored in. Good advice can help you choose a path that suits your financial position and future goals.

10. Review your loan before the pressure builds

The earlier you review your options, the more prepared you are likely to feel.

A broker can help you compare lenders, review your current loan, understand refinancing options and assess whether your structure still suits your needs.

For first-home buyers, this can help you understand how repayments may change. For homeowners, it can help identify possible savings. For investors, it can support stronger cash flow across the portfolio.

Get on the front foot

Another rate rise would add pressure for many Australian borrowers.

For some households, the impact may be manageable. For others, it may create a tighter monthly budget and a need to review the way their loan is structured.

The best place to start is with a clear review of your current position. Check your rate, understand your repayments, look at your budget and speak with a broker about your options.

At MAW Money, we help clients understand their lending position, review their options and make informed finance decisions with confidence.

If you are concerned about how the next RBA decision could affect your repayments, now is a good time to review your home loan.