Why You Should Keep Track of Your Home Loan Rate
Are You Paying More Than You Should?
Where you left your car keys, last season’s footy champion, or the name of New Zealand’s prime minister—these are all socially acceptable things to forget. But your home loan rate shouldn’t be on that list.
Considering mortgage repayments are one of the biggest household expenses, it’s surprising how many homeowners don’t know their current rate.
The Hidden Cost of Unchecked Home Loans
A recent Mozo report revealed:
🔹 42% of mortgage holders don’t know their interest rate
🔹 1 in 5 homeowners have never compared rates since taking out their loan
📌 If your home loan was competitive years ago, that doesn’t mean it still is—especially with the cash rate at its highest since 2011.
How Does Your Loan Rate Compare?
Quick Check for Your Loan Health
To see how your mortgage stacks up, check your latest loan statement for your interest rate.
💡 By comparison:
- The average home loan interest rate for owner-occupiers is 6.4%, and 6.3% for new home loans (Reserve Bank of Australia).
📞 Not sure? Contact us at CBM Mortgages—we’ll assess your rate and suggest better loan options.
Why Regular Loan Reviews Matter
Your Needs Change Over Time
Your mortgage might have been perfect for you when you first took it out. But as your life evolves, so should your loan.
✅ Major life changes—starting a family, upgrading homes, or shifting financial goals—could mean you need new loan features.
📌 That’s why annual reviews help ensure:
🔹 You’re not overpaying on interest
🔹 Your loan offers the right features for your budget
🔹 You could save thousands by refinancing
Is Refinancing the Right Move for You?
How to Get a Better Deal
If you’ve been wondering whether you could secure a lower rate, it’s worth exploring refinancing.
📌 A refinancing review with CBM Mortgages will assess:
✅ Your current loan rate
✅ Whether your loan features match your needs
✅ How much you could save by switching lenders
📞 Contact CBM Mortgages today to take control of your home loan and start saving!
Go to our dedicated page on refinancing to save money here or read a blog post on the refinancing here
Disclaimer
This article provides general information only and does not constitute financial advice. Always consult a qualified financial advisor or mortgage broker to assess your personal situation before making any financial decisions.
Written by Craig McDonald 14/06/2025
