How much can I save by getting a low mortgage rate

Currently in the mortgage market the lowest interest rates are 1 per cent less than the mortgage rates in the middle of the market.

That means on a $400,000, 25 year home loan, the difference between 5.5 per cent and 4.5 per cent is around $230 per month.

That can make all the difference – for first home buyers especially. So shop around and carefully compare the best rates available in the mortgage products with the features you are looking for.

Source: The Age