Our research shows only 41 per cent of Australians are confident they know enough about loans to have the one for their situation, but that can mean paying too much each month.

Our circumstances are always changing and regularly reviewing your home loan can put money in your pocket and reduce financial stress.

So, what do you need to know before you start comparing home loans?

Knowing your current interest rate is the first step to comparing home loans and getting the best deal. You'll also need to understand what the different rates mean.

A variable home loan interest rate fluctuates as the market changes. It's great if rates drop, but can put pressure on budgets when they go up. An unpredictable mortgage repayment can also be hard to plan for.

A fixed interest rate locks in current interest rates for a set period, usually one to five years. That means no rate increases, so your repayment is always the same, but it also means no rate decreases. After the fixed period ends, you'll need to either lock in a new fixed rate or revert to a variable rate. It's an opportunity to consider comparing home loans and make sure you're getting the best deal.

Many lenders offer sweeteners for new customers. An introductory rate might save you heaps for the first few years, allowing you to put money away or repay faster while your mortgage is at its highest. Just make sure you know how much you'll be up for when the honeymoon ends and the ability to renegotiate the loan at that point.

Don't be afraid to refinance for a better offer. A mortgage broker can complete the research for you and provide options that suit your individual circumstances. You will need to know how much you could be saving in the long run, while being clear about how your regular repayments will change. You also need to consider the best new transactional and offset accounts to suit your unique requirements.

Your broker will need to provide supporting evidence for your application including your current mortgage information, proof of income and identification.

Of course, refinancing comes with its own costs, too. Check out what you might be up for, and make sure you'll be better off in the long run before you switch.

Bank interest rates are informed by the Reserve Bank of Australia, which sets the 'cash' interest rate and reviews it monthly. When the rate changes, lenders can choose to pass on those increases or decreases to their customers.

Over time, your current rate can become totally out of sync with the RBA's cash rates. And, like any product, home loans are always evolving with new markets, new technology, new features and more. Your faithful loan could be looking a little old-fashioned - and that could be costing you money!

The current home loan market is highly competitive with home loans more feature-rich than ever and current interest rates historically low. If you've been thinking about a better deal, don't put it off any longer.

Every day you wait is interest you're paying. There's never been a better time to compare home loans. What will you do with the money you save? Book an appointment to compare your current rate today and find out how much you can save.