Key takeaways
- Review your home loan every 12 to 24 months to capture rate drops and better features.
- Annual reviews stop you missing rate reductions that lenders rarely offer you on their own.
- A fixed rate expiry is a non-negotiable trigger for a review.
- The loyalty tax, where existing customers pay more than new ones, builds up without regular reviews.
A home loan is not a slow cooker, you cannot just set it and forget it. Rates move, your life changes, and lenders are not in the habit of ringing to offer you a better deal. Andy has been broking in WA since 2000, and one of the most valuable things he does costs his clients nothing: a regular review to make sure the loan still fits.
How Often to Review
As a rule, home loan reviews should occur every 12 to 24 months, to capture rate reductions and feature improvements. A year is a sensible default. Two years is the outer limit before you risk drifting onto a rate well above the market.
Why an Annual Check Pays
Annual reviews ensure you do not miss rate drops or better loan features. The market shifts, new products appear, and the loan that was sharp three years ago may now be middle of the pack. A quick review catches that before it costs you a year of overpaying.
Triggers That Demand a Review
Some events should always prompt a look, regardless of the calendar:
- Fixed rate expiry triggers a mandatory review, because rolling onto the lender’s revert rate is often a nasty jump. Read more on fixed rate expiry refinancing.
- Life changes such as an income increase or family growth justify restructuring your loan, maybe paying it down faster or freeing up cash flow.
- A run of rate movements in the market, up or down, is worth a check-in.
The Loyalty Tax
Here is the one that catches people: the loyalty tax accumulates without regular reviews, because lenders do not proactively offer better rates. New customers often get a sharper deal than the loyal ones who have been there for years. It is a bit like an insurance premium that creeps up every renewal until someone bothers to question it.
| Review trigger | Why it matters |
|---|---|
| Every 12 to 24 months | Catch rate drops and better features |
| Fixed rate ending | Avoid reverting to a higher variable rate |
| Income or family change | Restructure to suit your new situation |
| Years with the same lender | Check you are not paying the loyalty tax |
How Andy Helps
Andy provides free annual loan reviews for existing clients. He keeps an eye on your loan and gets in touch when it is worth a look, rather than leaving it to you to remember. That ongoing relationship is the whole point, he is still working for you long after settlement.
The Next Step
When did you last check your loan? If it has been a while, it is worth five minutes. Get in touch.
Loan Review Questions
How often should I really review my home loan?
Every 12 to 24 months, and always when a fixed rate is ending or your circumstances change. Andy offers free annual reviews for existing clients.
What is the loyalty tax?
It is the gap between what new customers are offered and what long-standing customers keep paying. Lenders rarely volunteer a better rate, so reviewing regularly is how you avoid it.
Does reviewing mean I have to refinance?
Not at all. Sometimes a review confirms you are on a good deal, or your current lender matches a better offer. Refinancing is only one possible outcome.
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