Five signs it might be time to review your home loan

Most people set up a home loan, breathe a sigh of relief, and don't think about it again for years. That's understandable. It's also how a loan that was a good fit at settlement drifts into one that isn't.

A review doesn't commit you to anything. It's simply a check that the loan you have still matches the life you have. Here are five signs it's worth doing one.

1. Your fixed rate is ending

When a fixed term finishes, the loan usually rolls onto the lender's standard variable rate. That rate is set by the lender and isn't necessarily the one they'd offer a new customer. If your fixed period ends in the next few months, that's the natural moment to look at what's available — before the roll-over, not after.

2. You haven't heard from your lender in years

Lenders tend to compete hardest for new customers. Existing customers on older products can end up paying more than the lender's current offer for the same loan, sometimes without ever being told. If it's been a while since anyone reviewed your rate, it's reasonable to ask.

3. Your circumstances have changed

Income up or down, a new business, a growing family, a property that's risen in value, a plan to renovate or invest — any of these can change what the right loan looks like. Features you didn't need at settlement (an offset account, redraw, the ability to split between fixed and variable) might matter now. Features you're paying for might not.

4. You're juggling other debts

A car loan, a credit card, a personal loan: each has its own rate, its own repayment and its own due date. Consolidating debts into a home loan can simplify things and may reduce the total monthly outlay — but it also spreads short-term debt over a long term, which can mean more interest overall. It's a decision that needs the numbers laid out honestly, not a reflex.

5. Your equity has grown

If your property's value has increased or you've paid the balance down, your loan-to-value ratio has improved. That can change which lenders and products are open to you, and whether costs like lenders mortgage insurance still apply. It can also open the door to using equity towards another property, if that's part of your plan.

What a review actually involves

A proper review looks at your current loan — rate, features, fees, remaining term — alongside what else is available for your situation. It should account for the costs of switching (discharge and establishment fees, any break costs on a fixed loan) so the comparison is real, not headline-only.

Sometimes the answer is "stay where you are". That's a fine outcome; it means you've checked. Other times the numbers say it's worth moving, and a broker handles the process from application to settlement.

If any of the five signs sound familiar, the refinance loan health check is a two-minute way to see where you stand. There's more on how the process works on our refinance page.