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How Gary saves $20,000 a year

By ,| 3 min read

"Lendi came back with a 1% lower rate, saving me $20,000 a year."

Gary, from Sydney, already had a number of investment properties before coming to Lendi. His investment loans were with a major bank, but didn’t think he was getting a competitive interest rate.

Even though he was doubtful that anyone could get him a better deal, Gary spoke to a Home Loan Specialist at Lendi to see what they could do for him.

“[My] previous lending experience was pretty terrible. I’d been promised a particular interest rate. I didn’t get it.”

“When [My Home Loan Specialist] came back and gave me an interest rate that represented about $20,000 less than what I was currently paying,” says Gary. “I said, if you can get that for me, I’ll take you out for lunch!”

Gary’s Home Loan Specialist negotiated with the lender to secure a rate that was 1% lower than this current rate. “Refinancing with Lendi meant that we were paying about $20,000 less in interest expense during the year.”

“There’s a lot better uses I can put my 20k savings to [rather] than contributing towards the banks' profits.”

Today, Gary is much happier with his home loan situation. He used his savings to go on a trip overseas where he spent three months in Europe.

“It’s been fantastic,” he says.

Looking for a better home loan deal? Answer a few questions here to see personalised home loan options and monthly repayments instantly.

Read our ultimate guide to refinancing with tips from our experts here.

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Tags: refinance, low interest, saving

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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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