Aussie’s John Symond is concerned about fresh data showing a third of Australians don’t know their own interest rates.
The results of the Aussie
-backed survey also suggested a third of investors were just as clueless over interest rates on mortgages.
The survey found 32.8% of home owners and 29.5% of investors surveyed were unable to guess the percentage.
“"This statistic is really worrying… people need to be constantly questioning their rate. It could be just by speaking to their broker about a simple mortgage health check to see how much they could save," Symond said.
Of those who did know their rates, almost a quarter were paying “too much” according to the survey, with 23.5% of homeowners and 23.2% of property investors paying more than 7.0%.
"When you consider the savings between 7% and 6% on a home loan of $300k is around $197 per month, and take that over the life of your loan, that is about six years and eight months cut from the loan term and several thousand dollars saved in repayments,"Symond said.
"I urge all borrowers to be more attentive to their home loan rate."