Five signs it is time for a loan health check

1. You have not looked at it in two years

This is the most common one. Lenders compete hardest for new customers, so the rate you were given at the start is rarely the sharpest one available to you today. A review costs nothing and takes very little of your time.

2. Your fixed rate is about to end

When a fixed term rolls off, most loans revert to a standard variable rate that is rarely competitive. This is the single best moment to review, and it is worth starting a few months before the expiry rather than after.

3. Your income or family situation has changed

A pay rise, a new job, a partner moving in, a child arriving, or a shift to self employment all change what the right loan structure looks like. So does paying off a car loan or clearing a credit card, both of which can improve how a lender assesses you.

4. You have built up equity

If your property has grown in value or your balance has come down, your loan to value ratio may now sit in a lower band, which can unlock better pricing. Equity may also let you fund a renovation or a next purchase without starting from scratch.

5. Your loan does not have the features you now need

An offset account, redraw, or the ability to make extra repayments without penalty are worth little until the day you need them. If your circumstances have moved on, the loan should too.

What a health check actually involves

We start with a clear understanding of your current circumstances, priorities and long term goals, then review your existing loan to assess whether it still meets those needs and how it compares within the broader market. As part of that we also conduct an internal review with your current lender.

If your current arrangement is still the right one, we will tell you so. Where an alternative genuinely suits you better, we can assist with the refinance from start to finish.

One important caveat

Refinancing may involve costs such as discharge fees, application fees, valuation costs and potential break costs. These need to be weighed against the benefits, because a lower interest rate does not always result in overall savings. That comparison is exactly what a review is for.

You can get a rough sense of the difference a rate change makes with our repayment calculator.