The RBA has lowered the official cash rate twice this year, so how that has affected your mortgage repayments?
New research by Finder has revealed that more than half (54 per cent) of borrowers don't know what their interest rate is on their home loan.
That's equivalent to 1.8 million mortgagors who admit to being ignorant about their biggest household expense, causing household budget pain across Australia.
Younger borrowers are the least likely to pay attention, it seems, with 69 per cent of gen Z admitting they don't know what rate they are paying, followed by 52 per cent of gen Y and gen X.
Graham Cooke, head of consumer research at Finder, said ignorance isn't bliss when it comes to your mortgage.
"Mortgage repayments have a huge effect on the monthly cash flow of Australian households, yet more than half are unaware how much they could be overpaying each month.
"With two rate cuts in three months, the average homeowner could be saving thousands."
According to Finder, the average borrower stands to save roughly $213 per month – $2,553 annually – thanks to the interest rate cuts in February and May.
If there are two more cuts by year-end, as some experts predict, the average homeowner could save $420 monthly, or $5,044 annually, on their mortgage.
Cooke said loyalty to your lender can be expensive.
"Banks rarely reward complacency, so reviewing your mortgage once a year should be as routine as your tax return”, he said, adding that now is the time to consider refinancing.
"A lower cash rate doesn't automatically mean your lender will pass on the full savings – you've got to be proactive and ask for a better deal," Cooke concluded.