How to make massive savings on mortgages and take advantage of low interest rates

For most people, property is the biggest purchase they’ll ever make and spend a large amount of their lives paying off.

With interest rates at a 50-year low, home owners have been given some reprieve recently, but according to the experts, there are still massive savings to be made.

“Similar to your health fund, check it every year, make sure everything is working well for you,” Mortgage and Finance Association of Australia CEO Siobhan Hayden said.

Blake Chandler of Yellow Brick Road has saved Gurdip Singh and his family almost $80,000 on their $313,000 mortgage on the family home in The Ponds, Sydney.

He also found $19,000 in savings for Grace Canaveral on the loan for her home in Woodcroft.

The top tips for saving money on home loans is to know the interest rate and use a comparison site to see what is on offer, boost the frequency of repayments and use any savings made from getting a better deal to top up the loan.

Where possible, the advice is to reinvest money back into the mortgage.