85% of Australians don’t know their home loan interest rate

Peter Terlato 8 February 2017

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They're more likely to remember their parent's phone number.

Securing a home loan is likely the biggest investment a person will ever make but a new survey has found the overwhelming majority of Australians don't know their current home loan interest rate.

UBank's second annual Know Your Numbers Index reveals a slight year-on-year rise in the proportion of Aussies who don't know their mortgage rate, from 84% last year to 85% in 2017.

Less than half (44%) could only give an estimate, while two fifths (41%) didn't know their rate at all.

The survey also found even fewer (14%) Aussies with credit cards knew their card's interest rate.

A much greater number of Australians can remember their personal phone number (94%), vehicle's number plate (77%) and parent's landline (76%).

The survey also found around half of those surveyed (54%) were financially stressed, while a third (33%) of respondents admitted to constantly worrying about their financial future.

More than a third (35%) of Aussies admitted to having "a lot" of debt but almost one quarter (23%) believe refinancing their home loan could help save them money.

Learning your home loan rate could help as economists suggest there won't be any further cuts this year.

Financial stress affects one quarter of Australians and costs employers $47 billion in lost annual revenue.

Prevent yourself from falling into mortgage stress and find out what to do if you're already in it.

Buying or investing in property? Our home loan comparison guide can help you secure the best finance.

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