While most Aussies can remember their phone numbers, their plate numbers, and their parent’s phone numbers, sobering new research from UBank (a subsidiary of NAB) states that 85% of Australians don’t know their home loan rate.
For the second year, UBank has released The UBank Know Your Numbers Index, which aims to understand how Aussies manage their finances. This year’s report indicates a slight rise in the number of people who don’t know their exact home loan rate, up from 84% in 2016.
Of those surveyed, 44% could only recall an approximate figure for their home loan rate, while the remainder (41%) didn’t know their rate at all.
“Actively monitoring and seeking the best rate should be a priority for home owners, as there are some great benefits on offer. We are seeing some of the lowest home loan rates on record, so now is the perfect time to know your numbers, and consider refinancing,” said Lee Hatton, chief executive officer of UBank.
“Buying a home is one of the biggest investments of your life, so it’s really important that you find the right loan that suits your individual needs. Simply knowing your exact home loan rate and managing it closely could save you thousands of dollars a year.”
UBank’s research, which polled 1,021 Aussies with home loans, also revealed that slightly more than half of Aussies (54%) admit that their financial situation is causing worry and stress. A further 33% of Aussies constantly worry about their future.
Meanwhile, nearly one in four respondents (23%) think that refinancing a mortgage to save money is a good idea but have yet to find the most competitive rate.
“This is a step in the right direction. It’s great that some Australians can see the benefits in refinancing a mortgage. It might seem like a huge task but really, it’s a simple process that can save people thousands each year,” Hatton said.
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