Lying about your finances with your partner can cost couples $53,000

DISHONEST lovers are keeping their finances secret and it could be hitting their hip pockets hard. This is why all your financial secrets need to be revealed.

DISHONEST lovers are keeping their finances secret and it could be hitting their hip pockets.

Failing to reveal your true financial status to your other half is a common occurrence, new analysis by Uno Home Loans found.

Research involving 1000 people found 27 per cent of loved-up Aussies put off refinancing their home loan because it forced them to expose dirty money secrets they were trying to keep on the down low.

And men are more inclined to be secretive (29 per cent) then their female counterparts (25 per cent).

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Uno chief executive officer Anthony Justice said big expenses such as home loans should be reviewed every few years to make sure couples were in the best position.

“If you are not having this conversation with your partner then it’s difficult to find out if you are getting a good deal on your home loan,” he said.

“People should be having conversations with their partner about their finances and talking about what their aspirations are financially.”

Home loan customers can make big savings by refinancing their home loan.

Uno data shows that on a $300,000 30-year owner occupier principal and interest home loan with a loan-to-value ratio of 80 per cent, the median interest rate is 4.49 per cent and monthly repayments $1518.

If borrowers refinance to the lowest interest rate of 3.64 per cent, their monthly repayments would fall by $148 to $1370.

This would save the customer about $53,000 over a 30-year loan term.

Rising Tide Financial Services’ managing director Chris Browne said it was critical couples kept each other focused and accountable by discussing their financial goals as a joint partnership.

“Being open and honest with your partner about your finances is a cornerstone of any healthy relationship,” he said.

“So regardless of your financial position, transparency is non negotiable.”

Mr Browne said customers could sometimes get a better deal from their existing lender without having to jump ship, but it was critical people be prepared to walk if their bank failed to come to the party.

@sophieelsworth