How to Review Your Home Loan Before the End of the Financial Year

As we approach the end of the financial year, most Australians are thinking about tax returns and deductions. But EOFY is also one of the best times to review your home loan — whether you are an owner-occupier looking to save on repayments or an investor wanting to ensure your loan structure is working as hard as possible for you.

Step 1: Check your current interest rate

Start by finding out exactly what interest rate you are paying right now. Log into your lender's online portal or check your most recent loan statement. Then compare this against the rates currently being offered to new customers by your lender and by competitors. If there is a gap of 0.25% or more, it is worth investigating further. On a $600,000 loan, even a 0.25% reduction saves around $1,500 per year in interest.

Step 2: Review your loan structure

Your rate is important, but your loan structure can have an even bigger impact on your long-term financial position. Key questions to ask: Is your investment debt clearly separated from personal debt? Are you using an offset account effectively? Is your loan set up to support future purchases if you want to grow your portfolio? Have you considered whether interest-only or principal and interest repayments are more appropriate for each loan? A mortgage broker can review your full structure and identify opportunities you might be missing.

Step 3: Assess your offset account strategy

If you have an offset account, check whether your savings are sitting in the right place. For most people, the priority should be offsetting your non-deductible debt (your home loan) first. Every dollar in your offset reduces the interest charged on your loan without locking your money away. If you have multiple loans, make sure your offset is linked to the loan where it delivers the most benefit.

Step 4: Consider prepaying expenses (for investors)

If you are a property investor, the weeks before 30 June present an opportunity to bring deductions forward into the current financial year. Common prepayments include up to 12 months of interest on investment loans, insurance premiums and property management fees. This can be particularly effective in years where your taxable income is higher than usual. Discuss this strategy with your accountant and mortgage broker to ensure it makes sense for your situation.

Step 5: Check your loan features

Loan products evolve over time, and the features that were right for you when you first took out your loan may no longer be the best fit. Review whether your loan offers the flexibility you need: Can you make extra repayments without penalty? Do you have redraw access? Can you split between fixed and variable? Is there an offset account available? If your current loan is missing features that would benefit you, it may be worth exploring alternatives.

Step 6: Think about what is next

A loan review is not just about today — it is about positioning yourself for what comes next. Are you planning to upgrade your home? Buy an investment property? Renovate? Pay down debt faster? Each of these goals may require a different loan structure or strategy. The end of the financial year is a natural checkpoint to align your finance with your plans for the year ahead.

How a mortgage broker can help

A good mortgage broker does more than find you a rate. They review your entire financial picture, compare your current deal against the full market, identify structural improvements and help you develop a strategy that supports your goals. At New Vision Financial Services, we offer obligation-free loan reviews for homeowners and investors across Australia. If you have not had your loan reviewed in the past 12 months, now is the perfect time.