A free rate-checking tool built by Brisbane brokerage Boss Money has uncovered close to $1.2 million a year in combined home loan overpayments among its first 411 users.
Founded in 2016 by Tom Uhlich (pictured), a former Aussie Home Loans broker who has since broked loans for 22 years and settled more than $1 billion in lending, Boss Money built the app, BOSSPULSE, to compare a borrower's current home loan against prevailing market rates in around 30 seconds.
According to the brokerage, 74.3% of the first users checked were overpaying on their existing rate, with the average overpayment sitting at $3,895 a year and the worst case reaching $16,990 annually.
That's roughly equivalent to a week's average mortgage repayment, with Canstar calculating the national average monthly home loan repayment at $4,718, based on the current average loan size and variable rate.
Uhlich said the findings reflect a broader pattern of lenders favouring new customers over existing ones.
"Your bank loves you for doing nothing. That's the whole business model," he said. "The best rates go to new customers. Everyone else quietly pays for it."
Uhlich said the worst-affected borrowers were those who had not reviewed their loan since the 2022–23 rate hikes, suggesting a large pool of borrowers may still be sitting on outdated pricing years after rates began climbing.
Even so, refinancing is already at record levels, with $42.9 billion in home loans switched externally in the March 2026 quarter.
Boss Money's own data suggests some borrowers are already closing that gap. Of the 411 users checked, 23 have since improved their position — 17 secured a lower rate directly from their existing bank, while six refinanced elsewhere.
"The bit that gets me is 17 people got a better rate from the same bank, by using our special script," Uhlich said. "The bank always has a cheaper rate sitting there the whole time. They just don't hand it over until you make them.
"I've seen how banks rip people off to feed their shareholders great dividends. The APP will put an end to that."
BOSSPULSE is free to use and accessible via smartphone at bosspulse.com.au.
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