It’s no secret that many Australians are eagerly anticipating a rate cut from the Reserve Bank of Australia (RBA). While this may make for a happy new year, February might seem a long way off—especially if you’re sweating on that rate cut (and remember, there are no guarantees).

But here’s the good news: you may not have to wait around for the economy or the RBA to shift in your favour. It could be possible to give yourself a rate cut in time for Christmas.

According to Mozo, growing expectations of future rate cuts have seen a number of lenders take the knife to their variable rates, with some cutting their variable rates below the 6% mark. This proactive move by lenders can be a boon for borrowers looking to reduce their mortgage repayments sooner rather than later.

The impact of these early cuts is already being felt in the market. The volume of home loans being refinanced has seen a notable 2.1% uptick over the past month. It seems many homeowners are seizing the opportunity to lock in a better deal now, rather than waiting for potential rate cuts from the RBA.

So, what does this mean for you? If you’re currently paying a higher variable rate, it might be time to shop around. Compare the rates offered by different lenders and consider refinancing your home loan. Not only could this potentially save you money on your monthly repayments, but it could also give you a bit of extra financial breathing room just in time for the festive season.

Refinancing can seem daunting, but it doesn’t have to be. Start by doing your homework— talk to a broker.