What’s my rate again? 1 in 2 homeowners don’t know their mortgage interest rate
Millions of borrowers don't know the interest rate on their mortgage, according to new research by Finder.
A Finder survey of 1,027 respondents – 291 of whom are mortgage holders – revealed more than half (54%) don't know what their interest rate is on their mortgage.
That's equivalent to 1.8 million mortgagors who admit to being ignorant to their biggest household expense, causing incredible household budget pain across Australia.
Young borrowers are the most clueless, with 69% of gen Z admitting they don't know what rate they are paying, followed by 52% of gen Y and gen X.
Graham Cooke, head of consumer research at Finder, said ignorance isn't bliss when it comes to your mortgage.
"Mortgage repayments have a huge effect on the monthly cash flow of Australian households, yet more than half are unaware how much they could be overpaying each month.
"With two rate cuts in three months, the average homeowner could be saving thousands."
The average borrower stands to save roughly $213 per month – $2,553 annually – thanks to the interest rate cuts in February and May.
If there are two more cuts by year-end, as some experts predict, the average homeowner could save $420 monthly, or $5,044 annually, on their mortgage.
Cooke said loyalty to your lender can be expensive.
"Banks rarely reward complacency, so reviewing your mortgage once a year should be as routine as your tax return.
"Now is the time to consider refinancing.
"A lower cash rate doesn't automatically mean your lender will pass on the full savings – you've got to be proactive and ask for a better deal," Cooke said.
Finder will be tracking the rate changes as they happen at https://www.finder.com.au/rba-cash-rate/interest-rate-cuts/interest-rate-cuts
Do you know the interest rate on your home loan?
| No | 54% |
| Yes | 46.00% |
| Source: Finder survey of 1,027 respondents, including 291 mortgage holders, May 2025 |  |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,027 respondents, 291 mortgage holders, from May 2025.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
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