EOFY financial health check: Is your home loan still the right fit?

As the end of financial year (EOFY) approaches, it’s the perfect time to take a proactive look at your financial wellbeing—starting with your home loan. Whether you’re an owner-occupier or a property investor, reviewing your mortgage regularly ensures it’s still aligned with your goals and lifestyle.

At FinancePath, we believe your loan should work for you—not the other way around. With interest rates shifting, new loan products entering the market, and life circumstances evolving, a home loan review every two to three years is essential to maintaining strong financial health.

Mortgage health check: Key questions to ask

Many borrowers set and forget their mortgage—but that could be costing you. Use this EOFY as a reset point and ask yourself:

• Am I paying for features I don’t use?
  Offset accounts, redraw facilities, and other extras can be valuable—but only if you’re using them. If not, you might be paying for features that no longer serve you.
   
• Has my financial situation changed?
  A change in income, expenses, employment, or family size could mean your current loan structure is no longer suitable.
   
• Do I know my current property value?
  If your home has increased in value, you may have untapped equity that could be used to renovate, invest, or consolidate debt.
   
• Am I happy with my lender’s service?
  Poor communication or slow response times are red flags. You deserve a lender who values your business.
   
• Are there hidden fees or repayment restrictions?
  Excessive fees or limits on extra repayments can hold you back. Flexibility matters.

If you’re unsure about any of these, it’s time to book a mortgage health check with a FinancePath lending specialist. We’ll compare your current loan with competitive options across the market and help you make informed decisions.

EOFY checklist for property investors

If you own an investment property, EOFY is also a critical time to optimise your tax position and review your portfolio’s performance.

Here’s your go-to checklist:

1. Maximise your tax deductions

The ATO’s 2025 Tax Time Toolkit outlines what you can claim. Common deductions include:

• Interest on investment loans
• Borrowing costs (e.g. loan setup fees, LMI, broker fees)
• Repairs and maintenance (not improvements)
• Body corporate fees
• Property management fees

2. Organise your rental income & expenses

Ensure your records are up to date and stored digitally. This makes tax time easier and helps your accountant maximise your return.

3. Prepay expenses where possible

If you’re in a higher tax bracket this year, consider prepaying interest or insurance to bring forward deductions.

4. Write off bad debts

Unpaid rent may be claimable as a bad debt. Speak to your accountant about eligibility.

5. Plan for Capital Gains Tax (CGT)

If you’ve sold a property this year, understand your CGT obligations. Holding the asset for over 12 months may entitle you to a 50% discount.

6. Claim depreciation

A depreciation schedule from a quantity surveyor can unlock significant tax savings on your investment property’s fixtures and fittings.

7. Review property performance

Assess rental income, occupancy rates, and maintenance costs. Identify underperforming assets and plan your next move—whether that’s refinancing, renovating, or expanding your portfolio.

8. Get an investment loan health check

With recent interest rate changes, now is the time to ensure your investment loan is still competitive. A quick review could improve your cash flow and long-term returns.

Let’s make the new financial year count

EOFY is more than just tax time—it’s an opportunity to reset and realign your financial strategy. Whether you’re looking to refinance, access equity, or grow your investment portfolio, FinancePath is here to help.

Book your complimentary home loan review or investment loan health check today. Let’s ensure your finance is working as hard as you are.