For many homeowners, securing a mortgage is one of the biggest financial commitments they’ll ever make. With all the effort that goes into finding the right loan, negotiating rates, and finalizing the paperwork, it’s easy to think, “That’s done!” and move on. But one of the biggest mistakes you can make is treating your mortgage as a ‘set and forget’ deal for the next 30 years.
Why ‘Set and Forget’ Can Cost You Thousands
The financial market is constantly shifting. Interest rates fluctuate, lending policies evolve, and new loan products emerge. On top of that, your own financial situation is likely to change over time—whether through increased income, career changes, or new financial goals. A mortgage that was competitive and suitable for you five years ago may no longer be the best option today.
If you don’t review your mortgage regularly, you could be missing out on:
Lower Interest Rates: Lenders frequently update their offerings, and new deals may be available that could save you thousands over the life of your loan.
Reduced Repayments: Refinancing to a lower rate or adjusting your loan structure could help lower your monthly repayments and free up cash flow.
Better Loan Features: Offset accounts, redraw facilities, or more flexible repayment options may now be available, giving you more control over your loan.
Faster Debt Repayment: With better terms, you might be able to pay off your mortgage sooner and reduce the total interest paid.
Access to Equity: As property values increase, you may be able to unlock equity for renovations, investments, or other financial goals.
How Often Should You Review Your Home Loan?
A good rule of thumb is to review your mortgage at least every 12-24 months or whenever there’s a significant change in the market or your personal finances. Key times to check include:
When interest rates change
If your financial situation improves or declines
When new loan products enter the market
If you’re considering a major financial move, like buying an investment property or renovating
What Can You Do?
The good news is that reviewing your mortgage doesn’t have to be complicated. Here are some steps to ensure you’re always getting the best deal:
Check Your Current Loan Terms – Understand your interest rate, fees, and loan features.
Compare Offers – Research or speak to a mortgage broker about better deals available.
Consider Refinancing – If there’s a better offer, refinancing could be a smart move.
Negotiate with Your Lender – Sometimes, your current lender may match a competitor’s offer to keep your business.
Seek Professional Advice – A mortgage expert can help assess your situation and guide you to the best solution.
Don’t Let Your Mortgage Hold You Back
A mortgage should be working for you, not against you. By regularly reviewing your loan, you can ensure you’re always getting the best deal possible and making the most of your financial future.
If you’re unsure whether your mortgage is still competitive, we can help! Get in touch today for a free home loan health check and see how much you could be saving.
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