5 Signs It's Time to Review Your Home Loan

If you set and forget your home loan, you could be leaving thousands of dollars on the table. The mortgage market changes constantly — and lenders often save their best rates for new customers, not loyal ones. Here's how to know if it's time to make a move.

Sign 1: Your Rate Starts With a 6 or Higher

Interest rates change constantly, and the rate you locked in even two or three years ago may no longer be competitive. If your current rate starts with a 6 or higher and you haven't reviewed recently, there's a very good chance we could find you something better. Even 0.5% less on a $600,000 loan saves over $3,000 per year.

Sign 2: You've Built Up Equity

If your property has increased in value, your loan-to-value ratio (LVR) has improved — meaning you may now qualify for better rates that weren't available when you first borrowed. Lenders price risk, and lower LVR means lower risk, which translates to better rates for you.

Sign 3: Your Financial Situation Has Changed

Got a pay rise? Changed jobs to a higher income? Paid off other debts? These changes can significantly improve your borrowing profile and open up lenders or products that weren't available to you before. It's worth reassessing.

Sign 4: Your Fixed Rate Is About to Expire

If you're coming off a fixed rate period, your loan will automatically revert to the lender's standard variable rate — which is often one of the highest rates on their books. This is one of the best times to refinance. Don't let it roll over without reviewing your options first.

Sign 5: You Haven't Reviewed in Over Two Years

The simple rule of thumb: if it's been more than two years since you last reviewed your home loan, it's time. The market moves fast, new lenders enter, and competition keeps rates competitive. A broker review takes about 20 minutes and costs you nothing.

What About Refinancing Costs?

Refinancing isn't always free — there can be discharge fees from your current lender, application fees with the new lender, and potentially government fees. However, these costs are usually recovered within 6–12 months of a better rate. We calculate this for you upfront so you know exactly whether switching makes financial sense.

• Discharge fees: typically $150–$400
• Application/settlement fees: some lenders waive these
• Government fees: usually a few hundred dollars
• Lenders Mortgage Insurance: generally not required if your LVR is under 80%