Refinancing
When to do a home loan health check (and what to look for)
5 min read · By Daniel Lagden · 14 June 2026
The short version
- Review your home loan at least once a year, and after any major life or rate change.
- Compare your actual rate to what new customers are being offered.
- Check whether your structure still matches your life — offset, splits, repayment type.
- A health check often leads to a repricing, not a full refinance.
Lenders rely on inertia. The longer you stay without asking questions, the more likely you are to be paying a rate they'd never offer a new customer. A home loan health check is just the habit of checking, on a schedule, whether your loan still stacks up.
When to run one
- Once a year, as a default.
- Whenever the cash rate moves or your lender changes rates.
- When you come off a fixed term and revert to variable.
- After a pay rise, a new baby, going self-employed, or paying off other debts.
What to check
- Your rate vs the market — is your rate within reach of what new borrowers are offered?
- Fees — are you paying a package fee for features you don't use?
- Structure — does your offset, split and repayment type still suit your life?
- Equity — has your property grown enough to drop you into a lower LVR (and a sharper rate)?
- Goals — are you about to buy, renovate, or invest in a way the current loan doesn't support?
A health check often ends with a quick call to your current lender for a better rate — not a full switch. The point isn't to refinance; it's to stop overpaying.
Frequently asked questions
How often should I review my home loan?
At least annually, and any time rates move or your circumstances change materially. Many borrowers go years without a review and pay a 'loyalty tax' as a result.
Does a health check mean I have to refinance?
No. Plenty of health checks end with your existing lender simply lowering your rate (a 'repricing'). Refinancing is just one possible outcome if your current lender won't compete.
