Homeowners are paying on average about $4,000 in extra interest a year than they would on the best mortgage products on the market, a consumer report says.
Over the life of a 30-year, $350,000 loan, that would translate to $45,000 in extra interest paid, consumer wealth group Monetise says.
People are also paying too much in fees and interest, or missing out on unearned interest, on superannuation, savings accounts, term deposits and credit cards, to the tune of about $2,000 each year, it said.
Monetise chief executive Taichi Hoshino said consumers tend to stick with what they've got when it comes to banking products, rather than hunt for better options.
That is particularly true for mortgages and term deposits, he said.
"People manage to successfully change products for savings and credit cards because the switching process here is a lot easier," Mr Hoshino told AAP.
"Mortgages and term deposits are particularly sticky because the amount of money involved makes it a bigger decision, people may have fixed terms, there may be penalties for pulling short and it's a much more involved process, particularly for mortgages."
Data from users of Monetise shows they pay 44 per cent more in fees on their super than the lowest available for a product with a similar risk and return profile.
Savings account holders with an average of around $40,000 in the bank could also earn an extra $500 in interest a year with the best rate on the market.
Monetise launched this year and offers consumers data on how their personal banking products compare with other products on the market.
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