|Rate Apathy Costs Consumers|
Home-owners rank paying off their mortgage as their greatest life priority, yet over 50% don’t know the interest rate on their home loan.
Research commissioned by Mortgage Choice finds a disconnect between the increased financial concerns borrowers are experiencing from the pandemic and knowledge of whether their interest rate is competitive.
Only 46% of respondents know their current interest rate. Mortgage interest rate apathy appears to be increasing, with fewer Australians knowing their rate in 2020 compared to previous surveys (61% in 2018 and 71% in 2016).
This comes at a time when the pandemic has put more people under financial pressure. Over 62% of Australians say the pandemic has caused them to worry more about money, with 66% trying to save more, spend less and improve their financial knowledge.
Mortgage Choice CEO Susan Mitchell says: “It’s so important to know your interest rate because the chances that you are paying too much are extremely high.”