The research found that women have a significantly lower level of financial literacy than most other groups in Australia. These results prove we are hindering not only our own equality but we're impeding a more prosperous future — not to mention the huge threat to our wardrobe!

If you're as scared of home loans as I was when I bought my first home with my partner four years ago (without completely understanding how the home-loan process worked), then you will know how important it is to be educated on financial literacy.

I let my partner do most of the work — researching the market and finding a good deal — and I tagged along when it came to the decisions. But what about the many women out there who are on their own, but who, like me, also take a backseat when it comes to their financial details?

Most of us have some kind of financial product without necessarily realising it. How else do you book a hotel online or purchase a handbag on eBay without a credit card or transaction account?

Home loans can be linked to offset accounts and include credit cards and transaction accounts, and there are insurance policies and personal loans. That's a long list of financial products, which, according to the ANZ/The Smith Family report, women know very little about.

Finance doesn't have to be complicated. Online is a good place to start for brushing up on your financial literacy. For example, RateCity has thousands of products you can compare in your own time.

RateCity is a saviour to many women who are not confident about financial literacy and don't want to be talked into the latest product their bank has to offer. It's a place where you can learn about financial jargon, as well as being an online supermarket where you can shop for all your financial products.

The best part is that you can save a lot of money by shopping online. For example, you can choose a home loan that suits your needs rather than have your bank's lending manager or a broker tell you (in the interest of their kickbacks or commissions) what loan you should take.

Let's say you have the average Australian home-loan debt of $270,000. If you have the average variable interest rate of 5.58 per cent per annum, you could be wasting $1300 each year in interest and fees by not shopping around for a cheaper rate!

Here are some useful tips to save even more on your home loan:

• Compare the best value deals online and do the maths to check how your current home loan stands up.
• Always compare home-loan rates using the "comparison" rate or "real" rate, rather than the advertised ratee. The "real" rate usually takes into account ongoing fees and gives you a more realistic repayment cost.
• Pretend you are paying a higher interest rate and make bigger repayments. If you can afford an extra 2 percent, which is about an extra $300 per month on a $270,000 loan, you could save $67,000 over the term of a 25-year loan and reduce the term of the loan by seven years.

Depending on how long you've had the loan, you may find switching home loans can cost a few thousand dollars in break costs but it's worth checking.

Your say: If you could save yourself $1300 each year by switching loans, what would you do with the savings? Plan your retirement sooner perhaps, start that dream shopping spree or plan your next summer holiday? How does your home-loan rate compare?

Michelle Hutchison is Consumer Advocate at Australia’s best financial comparison website RateCity. Michelle is a journalist and was formerly Editor at Property Australia magazine.