PHOTO: 123RF – Keeping your payments at the same level when interest rates drop saves significant amounts of money.

Home loan customers are using low interest rates to get rid of their mortgages more quickly.

Mortgage rates are still at historic lows.

Someone with 20 per cent deposit can now access 3.95 per cent for a year – meaning a $500,000 mortgage would cost $1211 a fortnight over 25 years.

That is compared to $1780 at the height of the last cycle, when fixed interest rates hit 8 per cent.

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