Dear bank, cut my repayments

Many mortgage holders may be "oblivious" to the fact they have to ask their bank for an upfront interest rate saving, according to consumer group Choice.

When interest rates go up, banks automatically reset repayment levels higher. But when rates come down, borrowers need to contact their bank to instruct them to reduce repayments.

"You have to notify them for the [repayment] rates to fall, otherwise they keep charging it at the old rate," a spokesman for Choice, Christopher Zinn, said.

Read the full article from Jessica Irvine of the Herald Sun here:

http://www.domain.com.au/Public/Article.aspx?id=1228257202968&index=NationalIndex&headline=Dear%20bank,%20cut%20my%20repayments

Mark Forytarz