10 Practical Tips for Reviewing Your Home Loan Regularly
Your home loan is likely one of the biggest financial commitments you will ever make. Despite this, many homeowners set up their loan and then leave it untouched for years, assuming it will continue to meet their needs.
At The Finance Brokers, we regularly see clients paying more interest than necessary simply because their loan hasn’t been reviewed. A proactive home loan review can help ensure your mortgage remains competitive, flexible, and aligned with your long-term financial goals.
Below are ten practical tips to help you understand why reviewing your home loan regularly matters — and how it could save you money over time.
Tip 1: Review Your Interest Rate Every 12–24 Months
Interest rates and lender pricing change frequently. A rate that was competitive when you first took out your loan may no longer be the best option available.
By reviewing your interest rate every 12–24 months, you can identify whether refinancing or renegotiating could reduce your repayments and potentially save thousands of dollars over the life of your loan.
Tip 2: Don’t Rely on Your Lender to Contact You
Many borrowers assume their lender will automatically offer them a better rate when one becomes available. In reality, lenders often rely on customer inaction.
New customers are frequently offered more competitive deals than existing borrowers. Without a proactive review, you may remain on a higher rate simply because no one has checked your loan.
Tip 3: Check Whether Your Loan Features Still Suit Your Lifestyle
Your financial needs change over time. Features such as offset accounts, redraw facilities, and flexible repayment options may be far more valuable now than when you first purchased your home.
A home loan review helps ensure your loan features still support how you manage your money today.
Tip 4: Monitor Your Property Value and Available Equity
As property values rise and your loan balance reduces, you may be building equity without realising it.
Regular reviews can identify whether equity access could support renovations, investments, or other financial opportunities. When considering equity strategies, working with professionals such as
The Accountants
can help ensure decisions align with your broader tax and financial objectives.
Tip 5: Use Loan Reviews to Improve Cash Flow
Reducing your interest rate or adjusting your loan structure can free up monthly cash flow. Even a small reduction can make a meaningful difference over time.
Improved cash flow can help manage rising living costs, build savings, or provide flexibility during periods of financial change.
Tip 6: Review Your Loan When Your Circumstances Change
Changes in income, employment, family structure, or expenses can all impact whether your current loan is still suitable.
A review ensures your mortgage continues to reflect your current situation rather than outdated assumptions from years ago.
Tip 7: Understand the Costs Involved in Refinancing
While refinancing can offer significant benefits, it’s important to understand any associated costs such as discharge fees or application fees.
A proper review compares potential savings against these costs to ensure any changes genuinely benefit your financial position.
Tip 8: Take Advantage of Modern Data and Technology
Home loan reviews are now faster and more accurate thanks to modern data tools and open banking insights.
At The Finance Brokers, we use efficient platforms such as
CDRTA
to assess your loan against market options and identify opportunities with clarity and confidence.
Tip 9: Remember That Every Home Loan Is Different
There is no one-size-fits-all approach to home loan reviews. What works for one borrower may not be appropriate for another.
That’s why we consider your goals, future plans, and risk tolerance — and collaborate with trusted professionals such as
Chase Douglas
when broader strategic guidance is required.
Tip 10: Work With a Broker Who Reviews Your Loan Proactively
A home loan review shouldn’t be a one-off event. Working with a broker who proactively checks your loan over time can help ensure it remains competitive and aligned with your goals.
At The Finance Brokers, our role doesn’t end at settlement. We aim to support you throughout the life of your loan so you can remain confident, informed, and in control of your lending.
Is It Time to Review Your Home Loan?
If you haven’t reviewed your home loan in the last 12–24 months, now is the time to take action.
Speak with The Finance Brokers today to arrange a home loan review and ensure your mortgage continues to work for you — now and into the future.
