Millions of Australians Could Be Losing $13,722 a Year – Here’s How to Claim It Back

A new financial study has revealed that millions of Australians could be losing up to $13,722 per year by overpaying on everyday services and failing to take advantage of cost-saving opportunities.

The report highlights areas where Australians are missing out on substantial financial benefits, including home loans, electricity bills, health insurance, and superannuation.

Where Are Australians Losing Money?

According to research conducted by Finder, a large percentage of Australians are failing to review or switch providers for essential services, resulting in thousands of dollars in avoidable costs. Here’s a breakdown of the major areas where Australians can save:

1. Home Loans – The Biggest Savings Opportunity

One of the largest areas of potential savings is home loans. Homeowners who haven’t refinanced in the past three years could be paying significantly more than necessary.

• Potential Savings: Up to $13,722 per year by switching to a lower interest rate.
• Why? Many banks offer better rates to new customers while existing customers are left with higher rates.
• Solution: Compare mortgage rates using platforms like Moneysmart or consult a mortgage broker.

2. Electricity Bills – Overpaying for Energy

Another major source of financial waste is sticking with an expensive electricity provider instead of shopping for competitive rates.

• Potential Savings: Up to $500 per year by switching to a lower-cost provider.
• Why? Many Australians stick with their provider for years, even when better deals are available.
• Solution: Compare energy plans using the Energy Made Easy tool provided by the Australian Government.

3. Health Insurance – Paying for Unnecessary Extras

Many Australians are either paying for health insurance they don’t use or missing out on tax benefits by not having an eligible policy.

• Potential Savings: Up to $1,500 per year by adjusting coverage to fit actual needs.
• Why? People stay on outdated plans that no longer suit their health or financial situation.
• Solution: Use Private Health Insurance Ombudsman to compare policies and find the best deal.

4. Superannuation – High Fees and Multiple Accounts

Superannuation is another area where Australians unknowingly lose money. Many people have multiple super accounts with high fees, eating into their retirement savings.

• Potential Savings: Up to $3,000 per year by consolidating funds and switching to a low-fee super provider.
• Why? Australians often don’t realize they are paying duplicate fees across different super funds.
• Solution: Use MyGov to check and consolidate super accounts.

Why Aren’t Australians Taking Advantage of These Savings?

The study revealed that many Australians feel overwhelmed by financial decisions or assume that switching providers is too complex. Here are the top reasons why people don’t take action:

• Fear of paperwork and hassle – Many believe switching banks or providers is difficult.
• Lack of awareness – Some Australians don’t know they are overpaying.
• Loyalty to existing providers – Long-term customers often assume they’re getting the best deal, which isn’t always the case.

However, financial experts emphasize that most of these changes require minimal effort but can result in thousands of dollars in savings per year.

Steps to Claim Your Savings

If you’re ready to start saving, here’s a simple plan to reclaim your lost money:

1. Review Your Finances

Take stock of your major expenses: mortgage, energy, insurance, and superannuation. Identify where you might be overpaying.

2. Compare and Switch Providers

Use free comparison tools like:

• Moneysmart – For home loans and personal finances.
• Energy Made Easy – For electricity providers.
• Private Health – For health insurance.
• MyGov – For superannuation consolidation.

3. Negotiate Better Rates

Before switching, contact your current provider and ask for a better deal. Many companies offer lower rates to customers who ask.

4. Automate and Monitor Savings

Once you’ve secured better rates, set reminders to review them annually so you never overpay again.

Final Thoughts: Take Action Now

Millions of Australians are unknowingly losing $13,722 per year simply by not reviewing their financial options. With the right tools and a proactive approach, reclaiming this money can be quick and simple.

Whether it’s refinancing your mortgage, switching energy providers, adjusting health insurance, or consolidating superannuation, making these changes can significantly impact your financial future.

This article has been carefully fact-checked by our editorial team to ensure accuracy and eliminate any misleading information. We are committed to maintaining the highest standards of integrity in our content.