A survey conducted by finder.com.au found 45 per cent of homeowners are not asking for a lower interest rate when applying for a loan.
Finder money expert Bessie Hassan said: “For a lot of people it’s a very daunting conversation to have, as there’s that chance of rejection.
“But if you don’t ask, you won’t get it, so it’s worth asking as you could save tens of thousands of dollars.”
In addition, of the 1300 homeowners with a mortgage were surveyed last month, 9 per cent said they didn’t know they could ask for a discount and 36 per cent said they just didn’t bother asking.
“It’s not uncommon for lenders to be discounting rates by 0.2 to 0.25 per cent,” Bessie said. “Right now, unless your mortgage interest rate has a three in front of it, you could probably be getting a better deal."
She added: “If you managed to score a 0.5 per cent discount, you’d pocket $129 a month or $46,339 over a 30-year loan.”
This article originally appeared on Better Home and Gardens.