Figures collated by Canstar show that in 2020 lenders reduced 6,777 different home loans by an average of 0.30 percentage points.
These include 2,455 reductions to fixed rates for owner-occupiers, with an average cut of 0.33%, while 880 decreases were made to variable rates for owner-occupiers, with an average cut of 0.21%.
A total of 2,678 fixed-rate cuts were made for investors, with an average cut of 0.32%, while 764 reductions were made to variable rates for investors, averaging 0.21%.
Despite the potential to save money, separate survey data commissioned by Mortgage Choice found a disconnect between the increased financial concerns borrowers are experiencing and whether their interest rate is competitive.
Research by Mortgage Choice over the years has revealed a consistent decline in borrower awareness of their interest rate. In 2016, 71% of respondents knew the interest rate on their mortgage, while 62% were aware in 2017 and 60% knew their interest rate in 2018.
The latest figures have come at a time when 62% of respondents admitted that the pandemic has caused them to worry more about money, with 65% saving more, spending less, and improving their financial knowledge in an effort to boost their resilience.