Why the End of Financial Year Is the Perfect Time to Review Your Home Loan

Your mortgage is likely one of your biggest financial commitments, so giving it a proper annual review — especially around tax time — could result in significant savings, better financial management, and long-term benefits.

As the end of the financial year (EOFY) approaches, many Australians take the opportunity to review their finances, maximise deductions, and get their tax affairs in order. However, one critical area often overlooked is your home loan.

Your mortgage is likely one of your biggest financial commitments, so giving it a proper annual review — especially around tax time — could result in significant savings, better financial management, and long-term benefits. Here’s why an EOFY mortgage review is not just a smart move, but potentially a game-changer for your financial future.

1. Interest Rates and Market Changes Don’t Wait for You

The home loan market is constantly evolving. Interest rates can shift quickly in response to changes in inflation, Reserve Bank of Australia (RBA) policy decisions, and broader economic conditions.

Over the past few years, Australian borrowers have seen both ultra-low and rapidly rising rates. Lenders have adjusted their offerings accordingly, and new loan products with sharper rates and more flexible features are frequently being released.

An EOFY mortgage review gives you a chance to assess:

• Is your interest rate still competitive?

• Have lenders introduced better deals since you took out your loan?

• Are you eligible for cashback refinance offers or discounts?

Even a small reduction in interest — say 0.5% — can save thousands over the life of your loan.

2. Take Advantage of Tax-Time Insights

If you're an investor with a mortgage on an investment property, EOFY is especially important.

This is the time your accountant will be assessing:

• Your loan structure (interest-only vs. principal and interest)

• Deductibility of interest expenses

• Negative gearing opportunities

  
  

A mortgage review during this period ensures your loan is working hand-in-hand with your tax strategy. For example, you may find it beneficial to split loans, consider offset accounts, or restructure your debt to maximise deductible interest.

Even for owner-occupiers, EOFY is a great checkpoint to align your home loan with your broader financial goals.

3. Track Progress and Set New Financial Goals

Your mortgage should be reviewed just like your superannuation, insurance, and investment strategy.

Ask yourself:

• How much have I paid off this year?

• Am I ahead or behind on my loan repayment schedule?

• Could I make extra repayments, or switch to fortnightly payments to reduce interest?

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By reviewing your mortgage annually, you stay in control of your progress and can set realistic goals — whether that’s owning your home sooner, building equity, or preparing to upgrade.

EOFY is a natural milestone to reflect, reset, and plan forward.

4. Refinancing your Home Loan Could Unlock Significant Savings

Many Australians are paying what’s often referred to as the "loyalty tax" — staying with the same lender while new customers receive better deals.

A mortgage review allows you to:

• Compare your current rate to what’s available in the market

• Explore refinancing options with lower interest rates

• Access equity for renovations, investing, or consolidating debts

• Negotiate better terms with your current lender

  
  

If you’ve had your loan for more than two years, there’s a strong chance you're paying more than you need to. EOFY is a great time to do the maths and consider switching.

5. Assess Loan Features and Suitability

It’s not just about rates — it's about whether your loan still suits your lifestyle and financial needs.

Questions to consider during your EOFY mortgage review:

• Do you have an offset account, and are you using it effectively?

• Would a redraw facility benefit your situation?

• Is your loan fixed, variable, or split? Is that still right for you?

• Has your financial situation changed — income, expenses, family size?

  
  

You may find that as your circumstances evolve, your mortgage needs to change too. EOFY is a timely opportunity to reassess your needs and ensure your home loan is aligned with them.

6. Prepare for Fixed Rate Expiry

Many Australians who fixed their loans during the low-rate period of 2020–2022 are now approaching the end of their fixed term.

If your fixed rate is about to expire:

• You may revert to a higher standard variable rate

• You could be hit with rate shock and higher repayments

• You should review options before your fixed term ends to avoid financial stress

  
  

An EOFY review gives you time to shop around, refinance, or negotiate a better deal before your lender rolls you onto a potentially uncompetitive rate.

7. Leverage Expert Advice from a Mortgage Broker

EOFY can be a busy and stressful period, but you don’t have to go it alone.

An experienced mortgage broker can:

• Compare a wide range of lenders and products

• Identify opportunities to save

• Review your current structure for tax and cash flow efficiency

• Help with refinancing, repricing, or restructuring your loan

  
  

Brokers often have access to special offers or professional packages not widely advertised. They’ll also do the heavy lifting when it comes to paperwork and negotiation.

EOFY is the perfect time to sit down with a broker and make sure your home loan is still working hard for you.

8. Life Changes Often Mean Home Loan Changes

Your mortgage needs may shift based on life changes like:

• Marriage or starting a family

• Career changes or self-employment

• Planning to upgrade or downsize

• Preparing for retirement

  
  

Doing an EOFY review lets you take a holistic view of your life and financial situation, and determine whether your current home loan is still a good fit.

Final Thoughts: Don’t “Set and Forget” Your Home Loan

Too many Australians treat their home loan like a "set and forget" financial product. But that mindset could cost you thousands over time. With interest rates, loan products, and your personal financial situation constantly evolving, it’s essential to make mortgage reviews part of your regular financial routine — and EOFY is the perfect time to do just that.

Whether you're looking to save money, repay your loan faster, or ensure your mortgage supports your tax strategy, a thorough review can help you unlock real value.

Ready to Review Your Home Loan?

If it’s been over 12 months since you reviewed your mortgage, or if your fixed rate is due to expire soon, now is the time to act. A quick conversation with a mortgage broker could lead to smarter decisions, serious savings, and a loan that works better for you. Don’t leave money on the table this financial year — review your mortgage, and take control of your financial future.