Here are five steps to get the best deal from your lender.

Knowing your current home loan rate provides a starting point to understand how your loan shapes up against the broader market. But a Mortgage Choice survey of 1000 Australians found 55 per cent could not name the rate they are currently paying on their mortgage. If you are unsure about your rate, ask your lender.

There are still home loans charging less than 3 per cent interest. However, none of the big banks make an appearance on the lowest-rate loans listed on Canstar's database. On a variable rate loan, you could pay as little as 2.35 per cent with the likes of Credit Union SA, or 2.44 per cent with Homestar Finance. If you want a fixed rate, Laboratories Credit Union (LCU) has a one-year rate of 2.35 per cent.

The mortgage market is intensely competitive, and no lender enjoys losing a customer, so do not be afraid to let your bank know you want a better deal. Deslie Taylor, principal of Mortgage Choice in Ormeau, Queensland, said: "We recommend clients approach their mortgage broker or lender on a six-monthly basis. Ensure you are armed with what is on offer in the market - that is, rates, promotions and rebates to refinance."

If your lender responds with a meagre rate discount or will not come to the party at all, it could be time to move on. "If we approach a client's lender, and they do not offer a better rate or show no interest in retaining their business, the client will normally feel offended and opt to take their business elsewhere," Ms Taylor said.

If you are pressed for time, a mortgage broker can do the hard yards organising a refinance on your behalf. It is a service home owners should not have to pay for as brokers are paid by lenders, not the clients they represent. Head to the MoneySmart website and check out the mortgage switching calculator.