Is your mortgage still competitive and working in your favour?

As interest rates shift and the property market changes, your home loan shouldn’t be a set-and-forget commitment. Just like your financial goals, your mortgage needs can evolve, so it’s worth reviewing your loan regularly to make sure it still suits you.

If it’s been a while since you last checked in, now is a great time for a quick home loan health check. What worked when you first bought your home may no longer be the most competitive or cost-effective option.

A review can highlight where you stand today and uncover opportunities to improve your loan and your overall financial position.

Here’s what a home loan health check could uncover:

1) Access to more competitive rates

Lenders frequently update their interest rates and offer. You may now qualify for a sharper rate than when you first took out your loan, which could reduce the interest you pay over time.

2) Lower monthly repayments

A lower rate or a more suitable loan structure can reduce your regular repayments. This can free up money for everyday expenses, savings goals or investment opportunities, giving your budget a little more breathing room.

3) Loan features that work better for you

Features like offset accounts, redraw facilities, and flexible repayment options can make a big difference to how efficiently you manage your mortgage. The right features can help you pay less interest and give you more control over your cash flow.

4) A loan structure that matches your goals

As your life changes, your loan structure may need to change too. An improved equity position may allow you to:

• Access equity for renovations or investment
• Rebalance your loan between fixed and variable portions
• Align your mortgage with your long-term financial goals

A quick review can help ensure your loan still suits your lifestyle.

5) Simplified finances through debt consolidation

If you’re managing credit card balances or personal loans, rolling these debts into your mortgage might reduce your interest costs and make repayments easier to manage. Consolidation can give you a clearer and more streamlined view of your finances.

6) A better equity position

If your property has increased in value or your loan balance has reduced, your loan-to-value ratio (LVR) may have improved. A lower LVR can open the door to:

• More competitive interest rates
• Reduced Lenders Mortgage Insurance (LMI)
• Additional refinancing options

This could put you in a stronger financial position overall.

Small adjustments can make a big difference.

Even if your loan feels fine, a regular check-in may highlight small improvements that could benefit you over time like switching to fortnightly repayments or discussing new rate options with your lender.

Many homeowners stick with the same loan for years without comparing alternatives. A home loan health check helps you stay informed and ensures your mortgage continues to support your financial goals.

Ready to review your home loan?

Your mortgage is one of your biggest financial commitments, so reviewing it regularly can make a meaningful difference. As interest rates change and your personal circumstances evolve, it’s important to understand all your options.

If you’d like a home loan health check to see whether your loan still aligns with your needs, we’re here to help. Reach out anytime to get started.