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Do you know your home loan interest rate?

By Anqi Wang

When you first applied for your home loan, chances are securing a good rate was at the forefront of your mind. However, several years after moving into your real estate in Bentleigh East, would you still say you know what that rate is?

If the answer’s no then you’re not alone. Research carried out by UBank discovered as many as 84 per cent of Australians are unaware of their home loan interest rate. Men were found to be more likely than women to recall the all-important figure at 19 per cent as opposed to 13 per cent.

CEO of UBank Lee Hatton explained that borrowers literally can’t afford to bury their heads in the sand when it comes to interest rates.

“The survey is a timely reminder for people to keep track of how much they’re paying,” she commented, emphasising that reviewing the market might not take as long as you think.

Finding a more competitive deal doesn’t have to be time-consuming. Whether you’re planning on moving to new real estate in Bentleigh or staying where you are, it can be worthwhile knowing you’re on the most favourable rate.

Figures from IBISWorld reveal there’s been significant growth in the Australian mortgage broker market over recent years, increasing by around 8.1 per cent annually from 2011 to 2016. If you’re unsure of where to start your search for a better rate, then a broker could be a good first port of call.

Thinking of moving up the ladder?

If an upcoming move has encouraged you to take another look at your mortgage rate, then we’re here to help. Matt Hurlston and his team at Ray White Carnegie know the local market inside out and are on hand to assist you in finding a home that suits your needs.

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