Last week I racked the brains of those in the know and uncovered a string of tips to trim costs from construction loans. This week's discoveries are set to save you up to $84,000 on your new home!

So the last coat of paint is dry and the final box unpacked in your brand-spanking-new home? It's time to knuckle down on debt, because by following these useful mortgage-trimming tips you'll likely save thousands of dollars over the life of your home loan.

Set up a direct debit for your mortgage repayments
By setting up a direct debit repayment from your savings account to your mortgage, you'll ensure that you never miss making a payment. So you'll avoid dishonour fees that go along with defaulting on your loan. Default on your loan once each year over a 25-year period and you'll add an extra two years to your loan, which can add up to tens of thousands of dollars.

Accelerate payments in good times
In good times, such as when rates drop or you come into extra money, you'd be wise to up your repayment amount. That's because by increasing repayments by 10 percent each month or around $216 extra on an average $300,000 loan with a rate close to the market average of 7.2 percent, could reduce your loan by five years. That's a whopping $84,400 saving over the life of your loan!

Open an offset account
Another way to find significant dollar savings on your mortgage is to establish an offset account, which is a transaction account linked to your home loan. The money in your transaction account is offset against the balance of your loan, so you only pay interest on the difference.

Keep your finances fresh
Last but not least is to revisit your finances every 12 months and compare your mortgage with others on the market to ensure you're still getting the best deal available. You'll have to factor exit fees and the costs to establish a new mortgage in to your calculations. But there's a good chance that by comparing mortgages and switching, you'll benefit in the long run.