85 per cent of Aussie homeowners don’t know their own interest rate

Posted by Simon Dehne on February 9, 2017 in Latest News with No Comments

WANT to know why it feels like you have a leaky wallet? A whopping 85 per cent of Aussie homeowners don’t know their interest rate yet 94 per cent know their mobile number.

Latest “Know your numbers” research by UBank has found homeowners could save tens of thousands of dollars if they reviewed their interest rates, especially for their mortgage.

“While 94 per cent of Australians can remember their mobile phone number and 93 per cent can remember their PIN number for their debit/credit card, only 15 per cent can remember their home loan rate,” UBank found.

The results were shocking given mortgages were the most expensive purchase of a person’s lifetime generally.

“Of those surveyed, 44 per cent could only recall an approximate figure for their home loan rate while the remainder or 41 per cent simply didn’t know their rate at all”

Men were twice as likely as women to know their mortgage rate “to two decimal places”, UBank found.

Men were twice as likely as women to know their mortgage rate “to two decimal places”, UBank found.Source:Supplied

Men were twice as likely as women to be accurate about what their rate was “to two decimal places”, and surprisingly Gen X (20 per cent) did better than both Baby Boomers (13 per cent) and Millennials (13 per cent) on that score too.

UBank chief executive Lee Hatton said actively monitoring and seeking the best rate should be a priority for homeowners.

“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.”

The research also found that 54 per cent of Aussies were feeling financially strained, while a third constantly worried about their financial future.

“Unfortunately, more and more Australians are making significant sacrifices due to being financially overstretched. The better acquainted you are with your numbers, the less stress and more money you’ll have in your back pocket. It’s important Australians borrow less and live more.”

Originally published as 85 pc don’t know own interest rate

Source: news.com.au

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