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Wondering how you can start the year on the right foot financially? The answer is simple, refinance to a better rate. 

Our data shows mid-December to mid-January is a peak time for Australian households refinancing to recoup the cost of Christmas and improve their position for the new year. 

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“End of year spending combined with positive new year’s resolutions, drives a significant increase in the number of homeowners proactively consolidating debt and securing better interest rates to improve their position for the coming year,” says David Hyman, Lendi co-founder and managing director.

Based on an average Australian home loan of $371,100, households could save up to $162,458 over a 30-year loan by negotiating or switching lenders to get the best rate available*. That equates to $5,412 a year in repayments.

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## David Hyman shares his top financial tips:

### 1. Shop around
Always get the best deal by comparing lenders. Use an online home loan platform that has all the major banks and other lenders in one place.

### 2. Compare rates charged for interest only (IO) and principal and interest (P&I) loans
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, you’ll be paying less in interest and more towards being debt-free sooner.

### 3. Purge expensive debt
Consolidate your higher interest debts like credit cards, car loans and personal loans into your home loan. This can help reduce your overall repayments.

### 4. Reduce your interest
By keeping cash, such as your salary, in an offset rather than savings account you can automatically reduce the total amount you are paying interest on each month. It can save you thousands over the life of the loan.

### 5. Split your risk
If you are concerned about future rate rises, consider locking in part of your home loan with a fixed rate and having the remainder on a variable rate.

### 6. Plan for the future
Before you agree to refinance, consider your ability to make repayments should rates increase by 2 to 3 per cent. Look at your budget and ask yourself whether you will still be able to live within your means.  

“By negotiating a better interest rate and home loan package, homeowners could save themselves up to $5,500 by next Christmas,” says Hyman. “That’s a pretty good incentive to do some research and assess your options.”

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## Got a home loan question? Just ask!
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/). 

*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.*

* 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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