EOFY is a natural checkpoint. Even if you are not changing jobs or moving house, it’s a smart time to review your home loan and make sure you are not drifting into an outdated structure or rate.
You do not need to refinance every year, but you do need to know where you stand. A short review can confirm whether your loan is still competitive or whether a change could improve your cash flow, flexibility, or long term strategy.
Here are six things to check before 30 June.
1. Is your rate still competitive
Many lenders adjust pricing frequently, and sharp rates are often offered to new customers. If your loan has been set and forgotten, you may be paying more than necessary.
Start by checking whether your rate has been reviewed in the last 12 months. If not, it is worth comparing where you sit today.
2. Are your features actually helping you
Offset accounts, redraw facilities, and split loans can be powerful, but only when they match your behaviour. If you have features you do not use, or you are missing features you need, that is a sign your loan may no longer fit.
A structure that suits your habits can quietly save interest and improve flexibility.
3. Has your property value changed
Property values shift over time. If your property has increased in value, your loan to value ratio may have improved. That can unlock better pricing and give you stronger options.
If your value has dropped or stayed flat, it may change the approach. Either way, it is important information for planning.
4. Are your repayments still comfortable
EOFY is also a good time to check whether repayments still feel sustainable. If your budget is tighter than it used to be, a review can explore options that reduce pressure without rushing into decisions that do not suit your long term goals.
5. What are your next 12 months plans
Upgrading, renovations, investing, growing your family, or changing employment can all impact how your loan should be structured. Your home loan should support your plan as EOFY approaches, not restrict it.
A review helps you understand how today’s loan affects tomorrow’s borrowing power.
6. Do you have a strategy, or are you hoping
The biggest risk EOFY reveals is inaction. Most people are not making a bad decision, they are making no decision and assuming everything is fine.
A review gives you clarity, options, and a plan for the new financial year.
If you want to know whether refinancing makes sense for your situation, EOFY is a great time to check.Book your free discovery call today
🌐 www.financelane.com.au
