Are You One of the 2 in 5 Aussies Who Don’t Know Their Home Loan Rate?

According to recent research, around 42% of Australian mortgage holders don’t know their current interest rate. That’s 2 in every 5 homeowners flying blind when it comes to one of their biggest financial commitments. And for many, that lack of awareness could be costing thousands.

Here’s the problem:

If you’ve got a $600,000 loan and you're paying just 0.5% more than you should, that’s around $3,000 a year you're giving to the bank — for no good reason.

Over the life of your loan, that adds up to tens of thousands in extra interest. And the worst part? Banks rely on this. They know many borrowers won’t ask questions — and they profit from your silence.

So what can refinancing actually do for you?

Here are four powerful reasons homeowners are refinancing in 2024 — and why it might make sense for you too:

1. Secure a Lower Interest Rate

Refinancing can help you lock in a sharper rate, meaning smaller monthly repayments and major savings over the life of your loan. Even a small rate reduction can make a big impact — especially as rates start to shift again.

2. Access Equity for Other Goals

If your property has increased in value, refinancing could allow you to tap into your home equity. That money can be used for:

• Renovations

• An investment property

• Big-ticket expenses like school fees or business capital

3. Reduce Your Monthly Repayments

By negotiating a better rate, adjusting your loan term, or consolidating debts, you could significantly lower your monthly repayments. That’s more cash flow for everyday life — or to fast-track your financial goals.

4. Switch to a Loan That Suits You Better

Whether you're after the certainty of a fixed rate, the flexibility of variable, or features like offset accounts or redraw — refinancing lets you move to a loan that actually suits your current lifestyle. You're not stuck with the product you signed up for years ago.

So... When Should You Review Your Loan?

If you haven’t looked at your home loan in the last 6 months, now is a great time to review it. The market is shifting, new products are available, and lenders are hungry for business.

And the best part?
There's no cost for me to run a personalised refinance review for you.
No pressure. No obligation. Just smart advice based on your situation.