Homeowners have been given a break, as interest rates have been put on hold by the Reserve Bank.
The cash rate was kept at 4.10 per cent as RBA Governor Phillip Lowe announced in his final rates meeting for September before stepping down.
"Interest rates have been increased by 4 percentage points since May last year. The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so," Mr Lowe said in a statement.
"In light of this and the uncertainty surrounding the economic outlook, the Board again decided to hold interest rates steady this month.
"This will provide further times to assess the impact of the increase in interest rates to date and the economic outlook."
However he didn't rule out further rate rises.
"Some further tightening of monetary policy may be required to ensure that inflation returns to target in reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of risks," he said.
Despite the hold on rates mortgage holders across the country still face eye-watering repayments.
In Sydney the monthly repayments are $5,837 for a median priced home of $1.098 million according to Canstar modelling.
While in Melbourne homeowners with a mortgage are facing repayments of $4081 a month on a median priced home at $768,216.
This is based on a homeowner taking out a 80 per cent loan on home prices for August, with an interest rate of 6.98 per cent.
Today's announcement is the third month running that the RBA has kept rates on hold this year and was expected by many economists, including 37of the 38 interviewed in the Finder RBA Cash Rate Survey.
Despite a rate rise not coming in this month, there has been a surge in people hunting down a new loan through refinancing.
Refinancing with a new lender has reached a record high with $21.5 billion worth of loans switched in July according to ABS lending indicators for July, released this month.
That's up 21.8 per cent compared to a year ago.
"The latest lending data from the ABS highlights that borrowers are still chasing better interest rates," said Canstar money expert Effie Zahos.
And today's rate pause could give borrowers another opportunity to lock in a better home loan deal.
"The rate pause will give borrowers another opportunity to reflect on what interest rate they are paying and whether or not they can find a better deal.
"As a number of lenders continues to increase variable rates, some borrowers may be able to lock in a quick saving by fixing their home loan rate."
There is also the option to shop around with other lenders for either fixed or variable rates.
Canstar research showed that switching a $500,000 loan with a 30-year-loan term from the average variable rate for existing customers at 6.98 per cent to the lowest variable rate of 5.44 per cent could cut repayments from $3,320 per month down to $2,820 - a saving of $6000 per year.
