"By not looking at what product or what rate you're on, it could be costing you thousands of dollars a year, if not tens of thousands over the lifetime of your loan," Ms Brady said. Ms Brady recommends reviewing your mortgage regularly, ideally every 12 months, as banks often reserve their sharpest rates for fresh borrowers. While the paperwork or potential fees of refinancing can feel daunting, Ms Brady stresses the importance of weighing up the true cost against the potential long-term savings. For households already stretched by higher living costs, checking your mortgage rate is one of the quickest ways to free up extra cash. Investigate government initiatives you may be eligible for:InitiativeKey FeaturesFirst Home Guarantee Scheme5% minimum deposit, no Lenders Mortgage Insurance (LMI).