It never pays to be complacent when it comes to your finances and setting and forgetting your home loan can be costing you money.

‘Should I review my mortgage?’ is a question brokers are often asked, and the short answer is: YES!

It’s always important to undergo a financial health check and ensure your home loan is delivering for you.

A home loan should be reviewed at least every two to three years. A broker can conduct a health check on your current mortgage.

If you are on a fixed rate, you’ll usually need to wait for the loan contract to expire as break costs will generally outweigh savings. If you’re happy with your current lender, you may want to negotiate with them first.

Your broker can do the negotiating for you to ensure you are getting the deal that suits your need, which will usually mean the most competitive interest rate.

There are other reasons to review your home loan such as a change of circumstances, including starting a family or a new job, or a desire to pay off the mortgage faster.

In a home loan review, a broker will look at your current income, credit history, loan terms, monthly/fortnightly repayment, interest rate, insurance, fees and charges, credit card points and other outstanding debts.

An experienced broker looks at loans every day. Often a quick check of your current situation and facilities in an initial meeting or phone call is all a broker needs to let you know whether you could be doing things better and save money.