A useful home loan review looks beyond the headline rate.
Your existing loan may no longer suit your circumstances, but refinancing is not automatically the best answer. The costs, features, remaining term and long-term effect should be assessed before changing lenders.
We review your current lending, request improved pricing from the existing lender where appropriate and compare suitable alternatives. If refinancing is unlikely to provide enough benefit, we will explain why.
When to review your home loan
- Your interest rate or fees appear uncompetitive.
- A fixed-rate or interest-only period is ending.
- Your income, property value or equity position has changed.
- You need different features, such as multiple offsets or improved digital banking.
- You are planning a renovation, investment purchase or other use of equity.
- Your debts or loan splits have become difficult to manage.
- Your current lender’s policy or service no longer fits your needs.
- It has been some time since the loan and pricing were reviewed.
What we assess
- Current interest rate, annual fees and package costs.
- Remaining loan term and the impact of extending it.
- Discharge, application, valuation, government and fixed-rate break costs.
- Offset, redraw, repayment flexibility and other features.
- Potential interest savings after costs—not only the initial repayment reduction.
- Serviceability and lender policy under your current circumstances.
- The effect on investment and personal debt structures, with separate tax advice where required.
Refinance or negotiate with the existing lender?
In some cases, a pricing request with the current lender can improve the rate without the paperwork and switching costs of a refinance. In other cases, a different lender may offer a more suitable combination of policy, price, features and flexibility. Our review compares the realistic options rather than assuming a lender change is required.
Avoid the 30-year reset
A lower monthly repayment can be misleading if the loan term is extended.
Where appropriate, we can compare repayments using the remaining term of your current loan or discuss maintaining higher repayments. The objective is to understand the total effect, not simply create the lowest immediate repayment.
Our review process
- Collect your current loan balances, rates, limits, repayments and features.
- Understand why you are reviewing the lending and what needs to improve.
- Seek retention pricing from the existing lender where appropriate.
- Compare suitable alternatives and calculate the costs and likely break-even period.
- Explain the recommended approach, including disadvantages and risks.
- Manage the application and settlement process if you decide to refinance.
