1. Your current interest rate
Find the actual rate on your statement, rather than relying on the rate you remember from settlement. Compare similar loans with the same repayment type, purpose and features. Ask your lender for a pricing review. An advertised rate may depend on loan size, equity or other conditions, so check whether you would qualify.
2. The remaining loan term
Record how many years remain and whether your balance is reducing as expected. If a refinance offer extends the term, compare the extra interest as well as the smaller repayment. An interest-only period ending also deserves attention because repayments may increase when principal repayments begin.
3. Ongoing fees and unused features
Add up package fees, account charges and other recurring costs. Check which benefits you actually use. A loan with a lower rate but higher fees may not be cheaper for your balance. Compare costs over a realistic holding period rather than judging a deal by a short promotion.
4. Your offset and redraw arrangements
Confirm your offset is linked to the correct loan and check its percentage and eligible balance. Review redraw access conditions before counting it as emergency cash. Use our offset account check if you have recently switched products.
5. Equity and valuation assumptions
Changes in your balance and property value may affect the loan-to-value ratio and pricing options. An online property estimate is not a guaranteed lender valuation. If you want to refinance or borrow more, ask how the lender will assess the property and whether insurance or other costs could apply.
6. Household affordability
Update your income, expenses, other debts and upcoming costs. Allow for an emergency buffer and test repayments at a higher rate. A loan that was comfortable before a career change or new family commitment may need a different plan. Contact your lender promptly if required repayments are becoming difficult.
7. Your plans for the next few years
Consider moving, renovating, taking leave or converting the home into a rental. Fixed-rate restrictions, access to cash and loan structure can matter as much as pricing. Seek tax or legal advice where needed before changing how funds are borrowed or used.
Turn the review into a clear decision
Gather a recent loan statement, fee details and a household budget. Compare staying as you are, negotiating with your lender and switching. Read our refinancing break-even guide before assuming a switch pays for itself. An annual review is a checkpoint, not a requirement to refinance every year.
Further reading
ASIC Moneysmart: switching home loans.
General information only, not personal financial, tax or legal advice. Rates, fees and lender policies vary. Credit is subject to assessment and approval.