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Switching home loans is complicated right? 

Wrong!

A 0.5% change in my rate doesn't matter right? 

Wrong again!

The truth is that every percentage point increase in a home loan can potentially cost a homeowner tens of thousands of dollars over the life of their loan. The same goes in reverse, if there's a better rate out there, why are you paying your lender thousands more than you need to?

## Your challenge: Add 0.5% onto your current rate

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Find out if you could pay less each month with Lendi. [Get a comparison in minutes](https://www.lendi.com.au/home-loans/search/refinance/). 

- __Related:__ [How to negotiate a lower interest rate on your home loan](https://www.lendi.com.au/inspire/finance/how-to-negotiate-a-lower-interest-rate-on-your-home-loan/)
- __Related:__ [A step by step guide to refinancing your home loan](https://www.lendi.com.au/inspire/finance/guide-to-refinancing-your-home-loan/)
- __Related:__ [Could you be saving more with an offset account?](https://www.lendi.com.au/home-loans/offset-account/)

## Myth #1: Switching home loans is complicated
Switching your home loan has gotten a lot easier in recent years. These days, loans can settle in as little as a month. Here at Lendi, we've created a streamlined process that means you can start saving sooner. To make it even easier, you can find out much you can save in as little as 30 seconds by answering a [few questions here](https://www.lendi.com.au/home-loans/search/refinance/). 

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Our Home Loan Specialists are here to answer all of your questions and provide free advice. Once you've chosen the right loan for your situation, you can apply completely online. That means no paperwork and no trips to the bank. 

## An extra 0.5% really adds up over 30 years
0.5% might seem like a small amount. It’s tiny. BUT, it could mean big savings or losses. The crux of the matter is that your home loan is a long loan. Often up to 30 years. A short loan of a few weeks, 0.5% isn’t as important. You don’t have as many repayments and there aren’t that many opportunities for interest to build up. 

But since most borrowers pay their loan off over a 30 year term, 0.5% matters. [Home loan interest](https://www.lendi.com.au/home-loans/interest-rates/) is normally calculated daily and it compounds. If you have a home loan of 30 years, that’s 360 months and each month you might be paying a lot more than you need to be.

Learn more about reducing your monthly repayments with Lendi's comprehensive guide to [home loan repayments](https://www.lendi.com.au/home-loans/repayment/).

![african-man-on-laptop-with-coffee](//images.ctfassets.net/o2gysnvd04sg/6x99ZI06Pg3zQmVcbotfNQ/80abfa2b910e43227e72f5619b65a628/african-man-on-laptop-with-coffee.jpg)

## Myth #2: 0.5% doesn't matter
Many people don't take much notice of small incremental interest rate rises of 0.1 here or there, but what these borrowers don't know is that they could be missing out on huge savings over the life of their loan. 

Each percentage point can mean a lot of extra dollars missing from your bank account: 
> __For example__, on a loan of $400,000 a simple difference of 0.5% (dropping 4.3% to 3.8%) could mean a saving of over $41,600 over the life of a 30 year home loan.  This means you could pay your loan off a lot faster. 

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## What next?
Shop around! If you see a better rate out there, go ahead and investigate. Do your research and find out if you can save. Remember to take any extra costs into account such as break fees and LMI. 

To save time, chat to a Lendi Home Loan Specialist who can do the hard work for you. They can compare loans from nearly 40 different Australian lenders and find the right one for your specific circumstances. 

%%How much can you save with an offset account?%%

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## Want free expert advice?
If you’ve got a home loan question, just ask! Our [Home Loan Specialists](https://www.lendi.com.au/book-appointment/) are happy to discuss accessing equity, financing a renovation, or help you get a better home loan. [Schedule a callback today](https://www.lendi.com.au/book-appointment/). 

*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.*
