How Often Should You Review Your Home Loan?
Many homeowners set up their home loan and then don’t look at it again for years. While this might feel convenient, it can be an expensive mistake. Lending products, interest rates, and personal circumstances change regularly, and a loan that once suited you may no longer be competitive. Understanding how often you should review your home loan helps ensure your mortgage continues to work in your favour.
Why Home Loans Shouldn’t Be “Set and Forget”
Home loans are long-term commitments, often lasting 25 to 30 years. Over that time, almost everything else in your financial life changes.
Interest rates move, lenders update policies, and new loan features become available. Without regular reviews, it’s easy to fall behind without realising it.
The Cost of Not Reviewing Your Loan
Even a small difference in interest rate can cost thousands of dollars over time.
Many borrowers unknowingly pay a loyalty premium by staying on higher rates while new customers receive better deals.
A Good Rule of Thumb for Reviews
For most homeowners, reviewing your home loan every 12 to 24 months is a sensible starting point.
This doesn’t mean you should refinance every year, but it does mean checking whether your loan is still competitive and appropriate.
Key Life Events That Should Trigger a Review
Certain changes in your life should prompt an immediate loan review.
- Income increases or job changes
- Marriage, separation, or starting a family
- Changes to household expenses
- Paying down other debts
- Planning renovations or investments
These changes can significantly affect what loan options are available to you.
Market Changes Matter Too
You don’t need a personal change for a review to be worthwhile.
Interest rate movements, changes to lending policy, or increased competition between lenders can all create new opportunities.
Why Many Homeowners Delay Reviewing Their Loan
Some borrowers avoid reviews because they assume refinancing is complicated or risky.
Others believe their lender will automatically offer them a better deal — which rarely happens.
Reviewing Doesn’t Always Mean Refinancing
A loan review may confirm that your current loan is still suitable.
The value comes from knowing where you stand and understanding your options, not from refinancing for the sake of it.
Why This Matters for Australian Homeowners
Australian home loan products and pricing change frequently. Borrowers who don’t review their loans often end up paying more than necessary or missing out on features that could improve cash flow.
How The Finance Brokers Help With Loan Reviews
The Finance Brokers provide structured home loan reviews to assess whether your current loan still suits your needs. They compare your loan against the market, explain any gaps, and outline clear options if improvements are available.
When Was the Last Time You Reviewed Your Loan?
If it’s been more than 12–24 months since your last review, it may be time to check whether your loan is still working for you.
A review doesn’t commit you to change — it simply gives you clarity.
Book a free home loan review with The Finance Brokers
Final Thoughts
Regular home loan reviews are one of the simplest ways to stay financially proactive. Understanding how often you should review your loan helps ensure you’re not paying more than necessary or missing opportunities to improve your position.
