As an existing customer of Permanent TSB, Mary Reddan will not benefit from the mortgage rate cuts.
Both Permanent TSB and Bank of Ireland are reducing mortgages for first-time buyers, but variable rates for their existing home-loan customers are not changing.
"I am fuming. It is ridiculous that existing mortgage holders do not get anything," she said.
Ms Reddan and her husband Martin owe just €80,000 on their Limerick home, which they reckon is now worth between €210,000 and €220,000.
This means they have built up huge equity in the home, which they have had for a number of years now.
The Reddans, who have three grown-up children, rang up Permanent TSB to see if they would benefit from cuts announced in the past two days. But they were told that as existing standard variable rate customers, they would not see their repayments reduced.
"I was told by the man, who had to check it out, that the rate cuts do not apply to existing customers. That is disgraceful," Ms Reddan said.
The bank would not allow her to switch to one of its better-value rates, such as a loan-to-value rate, she said.
Ms Reddan works in an airline cargo company and her husband works in the post office. The couple are keen on a good deal and they switch utilities and insurance contracts to save money.
"We can't benefit from the new lower mortgage rates. We are just paying for everyone else. There should be an outcry about this," she said.