We’ve all heard about loyalty taxes – essentially the price you pay if you don’t shop around after you buy a product – but the high cost of not renegotiating your home loan might surprise you.
Someone who signed up for a home loan in April 2022, a month before the Reserve Bank began lifting interest rates, started with a rate of 2.86 per cent and assuming their rate changed in line with the ups and downs in the RBA cash rate since then, they would now be paying 6.36 per cent.
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