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How refinancing could save you $132,000

By ,| 4 min read

Over 4 million Australians have a home loan to repay. With the average loan costing $400,000, that equates to a collective debt in the trillions. Lendi completed a groundbreaking study, which looked into the deals and rates offered by 34 lenders, including the big four Australian banks. It showed that Australians could save an average of $132,000 over the life of their home loan, simply by demanding a better deal.

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To put this into perspective, that money could buy a 51-year supply of petrol for the average family car. It could buy a newlywed couple a 7-month round-the-world honeymoon cruise aboard the Queen Mary 2. And it could help you save $132K.

To learn more about reducing your monthly repayments read our guide to home loan repayments.

Choosing to take advantage of these potential savings is “the most expensive decision Australians have never made,” says Lendi Managing Director, David Hyman.

Current rates mean that, over a period of 25 years, Western Australians could save almost $120,000 on an average $325,000 loan, Victorians could save $136,000 on a $370,000 loan, while New South Welshmen could save a whopping $150,000 over the life of a $400,000 loan.

“It’s time for Australians to start shopping around for a better deal,” Mr Hyman says.


While Mr Hyman has urged borrowers to factor in potential future interest rate hikes, especially given the fact that lenders raised their mortgage rates over the past month independently of the Reserve Bank, he believes that clever borrowers could really pull ahead of those too afraid or too lazy to look for something better.

“Australians have a real opportunity to make their home loans work harder for them,” he says.

“Buying a home is likely to be the most expensive purchase we ever make, and it’s absurd that so many of us don’t even bother to hunt for the best possible rate.”

Applying for a home loan can often be a daunting and exhausting process. It’s understandable, then, why you might be hesitant to refinance, and may choose to stick with your original loan plan until it’s all paid off.

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The truth is, though, in today’s housing market the rates are lower, there are more options to choose from, and it’s easier than ever to switch your home loan out for a better deal.

If you want to find out how much you could save, speak to a Lendi Home Loan Specialist today about refinancing.

Feel like you just don't know where to start? How to keep your financial planning on track.

Looking for home loan advice?

Chat with a Home Loan Specialist on 1300 323 181 for free expert advice.

The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.

Lendi's David Hyman speaks to the team at Sky News

Tags: refinance, investment, home loan, big 4 banks, david hyman

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Important legal stuff
Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
Lendi is a privately owned and operated Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 25 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. Lendi Group Pty Ltd, which is the ultimate holding company of the Aussie and Lendi businesses is owned by numerous shareholders including; banks such as CBA, 1835i (ANZ’s external venture capital partner) and Macquarie Bank, the Lendi founders and employees, and a number of Australian institutional investors and sophisticated investors including UniSuper.
*WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria. Top rates include lenders who are on our panel and are then defined by the circumstances provided by the borrower.
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