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Now more than ever, households should be doing everything they can to save money and eliminate unnecessary costs.

If you have a mortgage, there are a number of things you can be doing right now to improve your immediate cash flow and long-term position.

Here are five ways to save if you’re a homeowner...

- __Related:__   [Is your bank charging you a loyalty tax on your home loan?](https://www.lendi.com.au/inspire/insights/are-you-paying-loyalty-tax-on-your-home-loan/)
- __Related:__  [Save thousands on your home loan in 3 steps or less](https://www.lendi.com.au/inspire/finance/save-thousands-home-loan-3-steps/)
- __Related:__  [What you need to know about mortgage repayment holidays](https://www.lendi.com.au/inspire/finance/what-you-need-to-know-about-mortgage-repayment-holidays/)

## 1. Negotiate
Talk to your lender or home loan specialist about your current interest rate and find out if there’s a better deal available. The recent ACCC report plainly showed that [banks charge higher interest rates](https://www.lendi.com.au/inspire/insights/are-you-paying-loyalty-tax-on-your-home-loan/) to customers who have been on the books for 12 months or more.

## 2. Consolidate
If you have personal loans, car loans or credit cards - it’s likely you are being charged an interest rate on that debt that is much higher than your mortgage interest rate. Talk to an expert about [consolidating your debt](https://www.lendi.com.au/guides/debt-consolidation-loans/) and rolling your high interest rate debt into your mortgage.

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## 3. Refinance
[Refinancing](https://www.lendi.com.au/inspire/finance/guide-to-refinancing-your-home-loan/) doesn’t always mean switching lenders. It may be as simple as switching to a more appropriate loan package with your existing lender but that charges you a lower rate or less in fees.

In April 2020, the median interest rate the banks were offering Lendi customers was 2.72%*. If your rate is higher than that but your loan to value ratio is 80% or less - it’s time to review your options and find out if there's a better product in the market that’s suited to your needs.  

## 4. Offset
Any additional money you can put against your mortgage will reduce interest paid over time. If you have savings, consider putting these in an [offset account](https://www.lendi.com.au/guides/offset-account/) rather than a savings account because they will sit against the principal and effectively mean you are paying interest on a smaller debt. 

## 5. Make extra repayments
If your cash flow is healthy, you may be able to make extra repayments into your [redraw or offset account](https://www.lendi.com.au/guides/home-loan-redraw-facility/). This will help you save money over the long term, with the potential to reduce the length of your loan. If you want the flexibility to access your extra repayments quickly, an offset account is a better option than a redraw account.

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## 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](https://www.lendi.com.au/book-appointment/). 

*Median refinance rate offered to owner occupiers with principal and interest loans, LVR below 80%.

*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.*

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