Australian mortgage holders are currently facing the impact of three consecutive interest rate hikes, making it essential for them to negotiate better rates with their lenders. To do this effectively, borrowers should identify their lender's 'edge of cliff' retention price, which is the point at which lenders are willing to offer their best rates to retain customers. According to Angus Gilfillan, CEO of the broking group Finspo, borrowers should be strategic and informed, often needing to seek competitive rates from rival lenders before submitting a discharge form to their current bank. This process can trigger a response from the lender's retention team, potentially resulting in a more favorable rate. Additionally, homeowners with increased property equity are seen as safer borrowers, making them eligible for better rates. Although many lenders have withdrawn cash back offers, some smaller lenders still provide incentives ranging from $2,000 to $4,000. Homeowners paying over 6% on their variable mortgage rates may find that switching lenders can lead to significantly lower rates, with competitive offers still starting in the 5% range even after recent rate hikes.