I think most of us would agree that loyalty is a pretty good trait to have. As consumers, we often feel loyal to certain brands and businesses.

When it comes to supporting your local café or bookstore, that’s great, but apply that same loyalty to your home loan, and it could be costing you.

I recently read an interesting news story that reported bank loyalty is placing a strain on the household budgets of millions of Australians.

While the Reserve Bank cut the official interest rate to a historic low at its most recent meeting a couple of weeks ago, not all lenders have passed on the savings to customers. As a result, property experts are urging borrowers to reassess their loans and hunt for a better deal.

Canstar’s group executive of financial services, Steve Mickenbecker, recently told Nine News that nearly 80 per cent of us bank with one of the big four banks.

“If you’ve had a loan with them for four or five years, you’re probably paying [about] 4.11 per cent,” he said. “Compare that with the lowest price in the market – 2.89 per cent – and that will save you $361 a month and $123,000 over the life of the loan.” These calculations are based on a $500,000 loan over 30 years.

October’s official cut, which brought the rate from one per cent to 0.75 per cent, is the third cut the RBA has made this year. But some economists expect it to go even further and introduce another 0.25 percentage point cut by the end of the year.

While the big four banks have been criticised for not passing on the full rate cut, many other lenders have, and there are some good deals out there.

According to financial comparison website Canstar, there are dozens of lenders advertising interest rate below three per cent on variable or fixed rate terms. Canstar reports that variable interest rates on home loans have been slowly falling since the RBA brought the official cash rate down to one per cent in July, after having cut it for the first time in three years in June.

Fixed rates have also come down in the past few months, which is a reflection on the lower prices banks have been paying for long-term wholesale funding.

Immediately after the RBA announced the latest cut, smaller lenders such as Athena and Homestar said they would pass on the full 0.25 percentage point cut to customers. Commonwealth Bank, National Australia Bank, Westpac and ANZ announced they would partially reduce variable home loan rates.

If you bank with one of the big four, or even if you don’t, and you haven’t taken a good look at your home loan in a few years, now is definitely the time to do so. It is up to you, as a consumer, to be proactive with your mortgage. It could save you thousands.

For a full list of lenders offering home loan interest rates below three per cent, head to canstar.com.au.