11/08/2025
A significant share of Australian homeowners are questioning whether they secured the best deal on their mortgage, with new research highlighting missed opportunities and a lack of confidence in the home loan process.
The latest Mortgage Choice Home Loan Report shows that many borrowers feel they could have chosen a more suitable product. Around 6 in 10 said they suspected a better deal was available when they first applied, while more than half admitted they wished they had spent more time researching their options. A smaller, but notable, proportion regretted not engaging a mortgage expert before committing.
The findings come from a July 2025 national survey of 1,000 Australians and from an analysis of loan submissions lodged through Mortgage Choice’s franchise network. The data revealed that confusion is still common, with 65% of respondents unclear on at least one aspect of getting a home loan. 14% openly said they chose the wrong product when buying their first property.
Common missteps included treating all loans as essentially the same, focusing too heavily on securing the lowest rate, or failing to think about how future needs could impact the suitability of their loan. Some admitted they defaulted to large banks without comparing other lenders, while others mistakenly believed pre-approval was a guarantee of final approval.
Mortgage Choice chief executive Anthony Waldron said the results underline the scale of the financial decision involved in buying property and the value of quality advice. He stressed that forward planning and proper comparison are vital for avoiding costly mistakes, and noted that brokers can play a central role in helping borrowers navigate the market with confidence.
The report also looked at how often Australians revisit their mortgage arrangements. Almost 72% of homeowners now review their loan at least once a year, compared to just under 60% a year earlier. Lower rates were the top reason for these reviews, followed by debt consolidation, adjusting loan terms, changing between fixed and variable rates, and accessing features such as offset accounts.
Latest cash rate cuts from the Reserve Bank have fuelled this activity. The June quarter rate drop prompted a jump of more than 22% in the value of refinancing compared with the same period last year. Another cut expected in August could further encourage borrowers to explore whether they can secure a more competitive deal.
Separate research from Great Southern Bank suggests that some Australians delay seeking advice because they believe they must first save a certain amount. This misconception is particularly common among Generation X and Baby Boomers, potentially leaving many without the guidance that could help them achieve better financial outcomes.
For borrowers looking to take advantage of the current market, our refinance options are designed to make switching simple and worthwhile with competitive rates and flexible features tailored to your needs. Whether you want to lower repayments, consolidate debt, unlock equity, or restructure your loan for future plans, our team can advise and guide you through the process from comparison to settlement so you can feel confident in your financial position and stop regretting past decisions.
