YOUR home loan is likely to be one of the biggest financial commitments you will make in your lifetime, but it doesn't have to own your life.

Simple steps including increasing regular repayments, selecting a loan with an offset account or changing your loan over the course of your property ownership can help you on your way to financial freedom.

Interest rates are at their lowest in more than 40 years, which can help home buyers enter the market.

It is also a good opportunity to increase repayments, if possible.

By making repayments at the same level you were paying before the rates dropped, you will pay your loan off sooner and create a cushion if rates rise.

Paying more, or more often, is effective in reducing the ultimate price of your home loan by reducing the number of years spent paying interest.

You can cut up to two years off the lifespan of your loan simply by paying an extra $20 to $50 on each payment.

If making higher repayments is not feasible, consider paying half your monthly payment every fortnight.

Effectively you'd be making 13 monthly payments every year.

This approach has less impact on your disposable income, but it could make thousands of dollars and therefore years of difference.

For maximum time and interest savings, you should make extra repayments earlier rather than later to take advantage of compounding interest over Time.

An offset account is another useful tool.

The amount in your savings account earns interest, and that amount is subtracted from the interest on your loan.

Placing your savings or any extra cash in an offset account could save years off your home loan term.

Finally, if your personal circumstances have changed, don't be afraid to perform a mortgage health check and look into alternative products that better fit your lifestyle.