Cooke said refinancing your home loan could be a quick way to save money.

“Your home loan is likely your biggest expense, so you need to be proactive about always getting the best deal you can.

“The difference between 3% and 2% doesn’t sound like much, but it adds up to thousands of dollars a year by refinancing your mortgage.

“Even if you need to break your fixed contract, you’ll likely save more than the cost of the break fee.

“Plus, many lenders offer cashback up to $3,000 for refinancing – all the more reason to look into it,” Cooke said.

According to Finder’s Consumer Sentiment Tracker, the percentage of Australians who struggle to pay their rent or mortgage has increased to 37%, up from 28% in March 2021.

Source: Finder