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There are lots of reasons people don’t refinance their mortgage, but the oldest chestnut is always that we’re all too busy. Work, family, kids, friends and social lives – there’s no time for research and meetings with lenders. When things get hectic, one of the first things we put in the ‘too hard basket’ is looking at our finances, but it’s got to stop.
A survey by finder.com of Australian mortgage holders found that 39 per cent of borrowers have stayed with the same lender for the last decade, which totals a staggering 1.17 million households. The value of the extra payments all those households are wasting each year because they haven’t refinanced could be a combined $9.9 billion over the next 30 years. That’s a lot of money going to waste.