The Reserve Bank's October rate cut saw the official cash rate drop by 0.25 per cent to 0.75 per cent. So it makes sense to be sure you're not paying more on your home loan than necessary.

The thing is, none of the big four banks - ANZ, Westpac, the Commonwealth or NAB, passed the full 0.25 per cent October rate saving onto their owner occupied home loans. Yet three out of four Australians have their mortgage with one of the big banks.

It means a whole raft of people could be missing out on some of the lowest home loan rates in living memory.

Rates on fixed loans in particular have been tumbling. A total of 17 lenders cut their fixed rates in the week following the latest rate cut. It's now possible to lock in a rate below 3 per cent.

Personally, I wouldn't be locking into a fixed rate right now. As we head into a period of what could be sustained low rates, some pundits are tipping another cut to the cash rate on Melbourne Cup Day.

The main point is that there is a good choice of home loans with rates below 3 per cent. If you're paying more, chances are you're paying too much.

Yes, refinancing your mortgage can be a hassle. If that's holding you back from getting a better deal, think about speaking with a mortgage broker, who can do the hard yards for you.

Switching can also involve costs including fees to set up the new loan and to discharge your old mortgage.

But it could be worth your while.

And in an environment of falling interest rates, it can be worth looking for a lender that's willing to share the bulk of Reserve Bank rate cuts with its home loan customers rather than holding something back.