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Save thousands on your home loan in 3 steps or less

With so much going on in the world right now, there’s a lot of information to absorb and get your head around. Everyday life seems to change every day.

Luckily, how to save money on your mortgage is relatively straightforward and hasn’t really changed. And as always, you can do it all online or over the phone.

Here’s our simple guide to getting a better outcome on your home loan and putting more cash back in your household budget.

1. Research the market online

The best starting point is research. Find out if you are paying a loyalty tax by comparing your interest rate to what your lender is offering new customers with a similar loan size and loan to value ratio (LVR). Then, compare these two rates against what other lenders are offering new customers with similar needs and loan features.

See how your interest rate stacks up

Enter a few details about your loan & see how much you could save

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2. Negotiate with your lender

Take this research to your current lender and ask them to match the most competitive offer you’ve seen on the market or at the very least, what they are offering new customers who have a similar profile to you.

3. Refinance to a lower rate

Getting a lower interest rate doesn’t always mean changing lenders but if your bank doesn’t want to reduce your rate or your fees and your repayment history is solid and your LVR is below 80%, switch to another lender. It doesn’t take long, can all be done online and will save you thousands over the life of your loan.

How much can you save by refinancing?

Find out what your new repayments might be in seconds.

Find a deal now

At Lendi, we are all about making things easy and finding ways to help you protect your finances. You can complete these three steps on the Lendi platform, with the help of one of our remote Home Loan Specialists or independently, it’s up to you. But the sooner you do, the sooner you can start saving.

See how much a 1% rate reduction can save you

Loan sizeMonthly savingsAnnual Savings**
$800,000$401$4,812
$600,000$301$3,612
$400,000$200$2,400

**repayment rate based on a P&I loan over a 20-year term decreasing from 3.5% | 3.5% to 2.5% | 2.5%.

If your situation is more complicated and you’re considering taking a repayment holiday, chat to one of our experts. If time allows, you may want to make sure you are on the lowest interest rate possible before making changes to your repayments.

Got a home loan question?

We're here to help. Get free expert advice at a time that suits you. Choose a time to chat with a Home Loan Specialist here.

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.

See how your interest rate stacks up

Enter a few details about your loan & see how much you could save

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Tags: rba cash rate, reserve bank, interest rate, refinance, new purchase

Check today's low rates

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Check today's low rates

Tell us what you are looking for and see if you can save.

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Home loan repayment saver tool

Home loan repayment saver tool

Enter a few details about your home loan and see how much you could save on your repayments

Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856, Credit Representative 518849), 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 Aussie business. Our mission is to provide Aussies with the right experience when choosing a home loan from our panel of lenders including ClickLoans, a related body corporate of Auscred Services. Although Lendi compares over 1600 products from over 35 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 40% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors. We have an independent and founder led board.
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.
EXAMPLE: This example is current as at 20th October 2016. A Click Loans Online Principal and Interest Loan of $150,000 over 25 years has monthly repayments of $767. This is calculated based on the interest rate of 3.69%, comparison rate of 3.69%, upfront fees of $0 and annual fees of $0.
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.
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