Only 16% of Australians know the interest rate they pay on their mortgage, according to research conducted by UBank.
Because mortgages are generally long-term in nature, and because they're usually of a significant size, a small difference in interest rates can mean a very large difference in the total amount you pay over the life of the loan.
For example, the difference between paying 3.99% and 4.9% on a $500,000 mortgage over 30 years, could save homeowners $100,000.
To most of us, $100,000 is a significant amount that could be spent on any number of important items. You would think we'd be careful not to throw that money away.
But apparently, most of us aren't.
New research indicates that Australians are complacent about saving money on their mortgages.
Only 16 percent of Australians know the interest rate they pay on their mortgage, according to research commissioned by UBank. Galaxy conducted the survey, which involved interviewing 1,005 Australians aged between 18 and 64.
A gender breakdown provides further detail. Only 19 percent of men and 13 percent of women were able to recall their exact mortgage rate.
The result is a deterioration on the result of a similar survey conducted in 2013, which found that 35 percent of men and 17 percent of women knew their exact mortgage rate.
At least there's less discrepancy between men and women's recall in the recent result, which could show that women are playing a more equal role in managing home finances.
By comparison, 77 percent of survey respondents could recall their car registration, and 91 percent can remember their online banking password.
Lee Hatton, CEO of UBank, said, "It's really surprising to see the number of people who don't know their home-loan interest rate, as it's one of the most critical numbers in any household from a financial perspective. We want to encourage people to take some time to look at their rate, and understand if there is something better for them on the market that can help save them money."
UBank is offering a 3.99% variable home-loan rate. CBA's variable home-loan rate is 4.92%, and Westpac's equivalent rate is 4.4%.
Time to call the mortgage broker.