Mortgage Review FAQ – Everything You Need to Know

What is a mortgage review?

A mortgage review is a quick check-up on your home loan to see if you’re still getting the best deal. It involves comparing your current interest rate, loan features, and repayment terms against new offers in the market.

Why should I review my mortgage?

Mortgages aren’t “set and forget.” Over time, interest rates change, better loan products become available, and your financial situation may shift. Reviewing your mortgage ensures you’re not overpaying and that your loan still meets your needs.

How often should I review my mortgage?

A good rule of thumb is to review your mortgage every 1-2 years or whenever there’s a significant change in your financial circumstances (e.g., job change, new expenses, or market interest rate shifts).

What are the benefits of reviewing my mortgage?

✅ Lower Interest Rates – A small rate drop could mean huge savings over time. ✅ Lower Monthly Payments – Free up cash for savings or investments. ✅ Access Home Equity – Use it for renovations, investments, or debt consolidation. ✅ Better Loan Features – Find an offset account, redraw facility, or a more flexible repayment plan. ✅ Avoid the ‘Loyalty Tax’ – Long-time customers often get stuck with higher rates than new borrowers. ✅ Plan for the Future – Ensure your mortgage aligns with your life changes and financial goals.

How much can I really save by refinancing?

Let’s say you have a $400,000 mortgage. If you lower your interest rate by just 0.5%, you could save over $100 per month—or tens of thousands of dollars over the life of your loan. The savings could be used for home improvements, extra loan repayments, or even a well-earned holiday!

Can I consolidate my debts into my mortgage?

Yes! If you have high-interest debts like credit cards or personal loans, consolidating them into your mortgage can significantly lower your overall interest payments and simplify your finances with a single repayment.

Is there a downside to refinancing?

While refinancing can be beneficial, it’s important to consider potential fees, such as break costs for fixed-rate loans, lender fees, or valuation costs. A mortgage broker can help assess whether the savings outweigh any costs.

How long does a mortgage review take?

The review process is quick—often just a phone call or meeting to assess your situation. If refinancing is the best option, the entire process usually takes a few weeks from application to settlement.

What if my current mortgage is still the best option?

Great! If your current mortgage is competitive, you gain peace of mind knowing you’re in the best possible financial position. And if a better deal becomes available later, you’ll be ready to act.

How can you help?

As a finance broker, I handle the research, compare loan products, negotiate better rates, and manage all the paperwork—so you don’t have to. My goal is to make the process stress-free and ensure you get the best deal possible.

How do I get started?

📞 Give me a call today for a free, no-obligation mortgage review! 📩 Send me an email, and let’s explore how much you could save!

Your mortgage should be working for you, not the other way around. Let’s make sure you’re getting the best deal—because you deserve it!

Want to catch up with Steve to understand your options? Click here.

Time to get your tax up to date? Speak to The Accountants here.