The Reserve Bank of Australia left interest rate unchanged at 3% but many economists are already penciling the first rate hike to start as early as December.

However, with funding costs continuing to rise, CommSec said there is still the risk that banks and other lenders may have to lift rates independently of the RBA.

"The Reserve Bank may have indicated that rates are on hold for a few more months, but that doesn't mean that homebuyers can rest easy," said Craig James, chief economist with CommSec. "The most likely next move in rates is up, but probably not until December at the earliest. If borrowers are thinking about refinancing loans, then now is the time to do it. No one can say they didn't have a chance to embrace the super-low rates on offer."

Before refinancing, make sure you do all your sums and take all costs including break cost, deferred establishment fee as well as the fees involved in setting up the new mortgage.

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