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The New Daily
The New Daily
Poppy Johnston

Complacent mortgage holders stung by higher rates

Alan Oster Matt Cowgill Steve Mickenbecker Canstar NAB SEEK
Borrowers who didn't look around for a better mortgage deal may be paying hundreds more per month. Photo: AAP

Rapid interest rate rises have spurred a refinancing boom but many borrowers are still paying the price for their complacency.

Almost a quarter of all borrowers are paying 6.5 per cent or more on their variable rate loans, based on Canstar modelling, which is 1.81 per cent higher than the cheapest loan rate.

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