Sure there’s a chance the Reserve Bank will cut official interest rates tomorrow but there is plenty you can do on your own to slash your mortgage.

1. Increase the frequency of your repayments.

In a calendar quirk, changing your repayments to a more frequent cycle will mean you make extra repayments each calendar year. Also, by increasing the regularity of your repayments you’ll end up paying less interest on the loan as there’s less interest compounding each period.

2. Keep repayments constant when interest rates fall.

When RBA head honcho Glenn Stevens comes out on a Tuesday afternoon with some good news, don’t go book a holiday. Instead of taking the opportunity to reduce your repayments at the first sign of a rate cut, keep them constant.

3. Budget for an extra $100 a month.

By putting an extra $25 each week into a $300k, 25 year mortgage at 7.5%, the interest saving is $19,000 and the loan shortened by 2 years and 10 months.

4. Ask your financier for a better deal.

By way of illustration, each quarter point cut in the interest rate will knock about $15,000 off the loan mentioned above. They can only say no.

5. Look around.

If you haven’t already done it, look seriously into switching your home loan provider. Sites such as Infochoice (http://www.infochoice.com.au/) and Cannex (www.canstar.com.au) make the process of researching comparable loans very easy.