For the past five years,...interest rates...not the Melbourne cup have stopped the nation...4 increases in five years...on cup's decision critical for some.

Rather than having to gamble on whether interest rates are going up or down there's a way to make sure when you pick your home loan You're backing a winner...

Borrowers should take control. They don't need to rely on the banks or the brokers to tell them what they should be repaying or what rate they should be repaying at. The bottom line is the only person with skin in the game is the borrower.

Michael Lee is an ex-Mortgage Broker, whose defected to our side.

He's the expert the Banks want to gag and he's out to smash a myth so called "good Debt" with new ways to slash your home loan...

There's a common misconception in Australia that there's such thing as good and bad debt, there's not and all debts are bad, you need to get rid of it as quickly as possible you just need to look at the GFC what's happened in the US, what's happened in Europe and you can see that debt and being out of control that is a bad thing so get rid of it as soon as possible.

In a maze of bank fees, broker fees, hidden charges and commissions, Mortgages are designed to trap you into debt for life.

Michael claims to have a five step escape plan.

Mortgage means death pledge that's absolutely right and people staying in debt for way too long and the longer you stay the more it will cost you and I don't mean by little if you repay your debt in twenty years, you'd probably save thirty to forty per cent to what you would pay over twenty five years, so get rid of your debt as quickly as possible.

So what are the industry secrets to beating the banks?

Michael explains ...

"STEP ONE: Avoid Common, Costly Mistakes"

Avoid taking blind leaps of faith. Banks, Building Societies, Credit Unions and also Mortgage Brokers are paid to get you into debt and keep you there.

"STEP TWO: Choose your weapons"

Nobody wants to stay in debt for twenty-five or thirty years, make sure the loan that you've got has the features you need to get rid of it fast.

"STEP THREE: Design your Debt"

Take only the features that you need, borrow the amount that you can afford to repay, don't listen to anybody else, it's your debt.

"STEP FOUR: Turning the Tables"

Always compare loans on total individual costs, that's total dollars and cents for interest fees and charges all rolled into one number.

"STEP FIVE: Get Rid of it"

Stick to your plan, make sure you make the repayments you commit to and check your loan every two years to make sure it's still competitive.

Thanks to this afternoon's 25 basis point rate cut.

Here's what you're going to start saving today...if the banks pass the cut on.

On the average $300,000 loan you'll have a monthly saving of $49 over the life of the loan that's $15,000 it makes any money you've made today look pretty small.

Editor of Smart Investor Magazine Nicole Pedersen-Mckinnon says the smartest option is to leave your repayments exactly the same.

If you can maintain your repayments and see your interest rates fall you're automatically paying extra and if you can do that you boost your savings from fifteen thousand to more like twenty six thousand without spending a cent.

And the savings don't stop there.

By going for an online lender...or taking the most basic no frills home loan you can knock another 100 basis points...1whole your Mortgage. Trading features like re-draw and offset for tens of thousands of dollars, or years off the life of your loan.

You shouldn't even be paying 7.48% that's just the average the best rates are on the market will now be below 6.5% now on your average $300,000 Mortgage if you can keep your repayments the same, with that level of interest rate, your savings will actually leap to $77,000 and you'll pay off your loan five years earlier, what a win.

Michael's most important advice trust no-one. If you use an independent borrower's agent, who works for you pay up front,

even then do your homework.

Even if it is a borrowers agent you must get informed, you must get educated it's a really important decision why would you trust four, five, six hundred thousand dollars to somebody else you need to know what's going on even if you're paying for them to look after you need to know they're doing the right job.