Interest rates on both variable and fixed-rate loans remain around the mid-four per cent range, yet borrowers should still keep a vigilant eye on their home loans.

According to Galaxy research, one in three home loan customers have taken no action on their home loans in the last five years, and this could be costing them thousands of dollars. In its computations, the potential interest that borrowers could save over a year on the lower rate is $750. That is a potential savings of $7,500 over 10 years.

Aussie Home Loans chairman James Symond emphasized the importance of having an annual review of their loans. "Customers need to give themselves an annual home loan health check," he said. "Interest rates are at historic laws, (and) the deals that the lenders are doing out there are unprecedented for new customers."

Even though the Reserve Bank of Australia has kept the official cash rate on hold at two per cent, lenders are hiking up their interest rates. Just recently, the Bank of Queensland increased its variable loan rates by 12 basis points for owner-occupiers and 25 basis points for investors.

Laura Crowden, the spokeswoman of iSelect that commissioned the research, encouraged borrowers to look for the best mortgage deals.

"It appears many people are just sticking with their current provider simply because they feel it would be too much hassle to change," she said. "Switching to a lower interest rate could end up saving you tens of thousands or even more over the lifetime of your loan."