The Reserve Bank might not be cutting interest rates - but mortgage holders are being encouraged to give themselves a rate cut.

Home loan rates have remained largely stable since the OCR was left at 3.5% last week.

But Canstar research manager Mitchell Watson says borrowers can save up to 0.3% just by shopping around - which is a sizeable discount on a $300,000 loan.

"That could equate to savings of nearly $17,000, so these are sizable savings that people could be making."

Mitchell Watson says the process of changing home loan providers puts many people off.

"It is about getting over the inertia of going through that whole application process again, and arranging for all those other processes that need to occur."

Mitchell Watson says the savings that can be had, make switching mortgages more than worth the effort.