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Check today's competitive home loan rates

Wondering how you could save thousands on your home loan? The answer is simple, reduce the amount of interest you pay.

A recent study by Lendi found that the average Australian household could be missing out on savings of up to $162,458 over the 30-year life of their loan. 

Based on the average Australian home loan of $371,100, households could save a whopping $5,412 each year in repayments by negotiating or switching lenders to get the best rate available*.

## How much could you save with a lower rate?

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## __5 secrets that could save you thousands:__
 
### __#1. Shop around for a better deal__
Rates change all the time! It's smart to always make sure you're getting the best deal by comparing lenders. Use an online home loan platform that has all the major banks as well as other non-bank lenders in one place. These days you can compare hundreds of options in seconds. Start your search by answering a [few questions here](https://www.lendi.com.au/home-loans/search/). 

__Did you know:__ 79% of Australian online home loan borrowers are finding a better deal with a smaller lender. Read the [full story here.](https://www.lendi.com.au/inspire/finance/online-home-loan-borrowers-are-choosing-smaller-lenders/) 
 
### __#2. Consolidate high interest debt__
Credit cards, car loans and, personal loans typically come with much higher interest rates than home loans. Think about consolidating your higher interest debts into your home loan. Rolling all of your debt into one regular repayment and can help reduce the amount of interest you pay. Use our handy debt consolidation calculator to work out how much you could save. 

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### __#3. Switch to principal and interest payments__
Since June 2017, P&I rates have been considerably lower than IO rates across the board. If you can afford to switch to a P&I loan, it's likely you'll pay less in interest over the life of your loan and be debt-free sooner.

 
### __#4. Offset account = paying less interest__
Offset accounts can be a great way to reduce the amount of interest you pay on your home loan, whilst still retaining your cash flow. You can access these funds at any time and when interest is calculated each day, these funds will offset the home loan balance. This will help reduce the amount of interest you pay on your loan and can save thousands over the life of the loan. Try our handy offset savings calculator. 
 
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### __#5. Split your risk__
Concerned about future rate rises? Get the best of both worlds by locking in part of your home loan with a fixed rate and leaving the remainder at a variable rate. This way you could benefit from the stability of the fixed portion, while the variable portion offers the flexibility to make extra repayments and pay your loan off faster. Learn more about [split rate loans here](https://www.lendi.com.au/guides/split-home-loan/). 

Got a home loan question? Ask our experts in the comments below or start a live chat now. 
 
* Calculation based on rates from 37 Australian banks and non-bank lenders including the Big Four (as at 28 November 2017). The difference between the most expensive interest rate (5.67%) and cheapest interest rate (3.64%) for the average home loan was then aggregated over the life of a 30-year P&I loan. Average home loan size according to ABS, September 2017.


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