PSA for mortgage holders looking for better rates.
A trick I do not see mentioned here often to potentially get a slight discount on your home loan rate is the following:
Check the upper end value of your home on sites like domain and property.
Call your bank and request an updated Automated Valuation Model (AVM) for your home. Try to hit the maximum number the bank will accept(usually top price on domain or property).
If you are successful you may have changed your LVR(loan to value) which may in turn allow you to negotiate better rates for that bracket.
This allowed the lender to bypass standard software locks and drop my variable rate instantly.
I was able to do this and take my LVR from 72% down to 61% and achieve a slight discount in rates and repayments.
Do not always assume paying the loan down is the only way to change LVR, house price increases and suburb growth also have a say here.
Good luck.