A mortgage is likely to be the biggest single debt that most people have, and one that may not be paid off for many years. Too many people fail to get the best deal on their mortgage, or get locked into arrangements which are no longer beneficial to them. Yet with just a little time and effort, you can save thousands of dollars on your mortgage. This guide can help you how.

1. Shop around - Getting several quotes from lenders will help you to find the best deal to suit your circumstances. For example, you may qualify for a discounted 'professional loan' if you earn a high income, or a lower interest rate if your property meets certain energy-efficiency criteria. Our expert brokers can help you.
2. Save up first - By putting down a large deposit of, say, 20% of the house purchase price, you'll pay less interest, may qualify for a lower-interest rate and won't require costly mortgage insurance.
3. Consider an offset loan - Paying your salary straight into your mortgage account and just drawing out only as much as you need to live on could help you to significantly reduce the length of time it takes to repay your loan and the interest payable. Moreover, by consolidating credit cards and personal loans into your mortgage account you'll be paying lower interest on these.
4. Negotiate with lenders - Resist high pressure sales tactics and don't just accept whatever package and fees are on offer. Ask lenders to match each other and they may come up with something even better!
5. Think through special introductory deals - Consider the long term rate that commences once the introductory period concludes and any additional charges such as exit fees if you decide to change lenders.
6. Avoid paying unnecessary interest - Don't add your mortgage fees and charges to your loan, it will be much cheaper to pay all these up front.
7. Pay as much as you can manage - By working out the maximum monthly repayments you can afford, and taking out a mortgage for the shortest term possible, preferably no more than 20 years, you'll save thousands of dollars in interest payments.
8. Make more frequent repayments - By dividing your monthly instalment into fortnightly or weekly payments you will make at least an additional full monthly payment per year and reduce the time it takes to pay off the loan.
9. Make extra payments - By making additional payments against the principal balance you will reduce the length of your mortgage and the interest payable. Make sure the lender uses them for this purpose and not as an early payment for the next month.
10. Take advantage of low interest rates - If you are on a variable-rate mortgage, making additional extra payments whenever rates are low and you have more surplus income will help you to pay off your mortgage early and pay less interest.
11. Continue to shop around - Refinancing if you find a better deal part-way through paying your mortgage can save you lots of money. Before switching though, ask your existing lender whether they can match this deal. By staying with the same lender you'll save on fees and any exit penalty charges.
12. Avoid paying private mortgage insurance when it is no longer needed - Many mortgage packages lock you into this even when it is no longer needed on the amount outstanding on your loan. Consider switching to a different lender when you reach this stage.
13. If have already paid off some of your mortgage and need to borrow money for other purposes, it may be cheaper to borrow against the equity on your home than on credit cards or non-secured loans.
14. If you really need to reduce your mortgage payments, think about moving to a smaller house or less expensive location.