Banks regularly adjust their rates, products and lending appetite. This means some borrowers may be sitting on a loan that is no longer as competitive as it could be.

If you have been on the same loan for a while, especially a variable rate product, you may be paying more than you need to.

A home loan review gives you the opportunity to check whether your current loan still suits your needs, your budget and your future plans.

Potential benefits
Reviewing your home loan may help you:

• Reduce your repayments

• Secure a more competitive rate

• Improve the structure of your lending

• Reduce the overall cost of your loan

• Free up extra money in your household budget

• Pay your loan off sooner

• Make sure your lending still aligns with your goals

Even a small difference in your interest rate or loan structure can make a meaningful difference over time. In some cases, a more favourable loan could put thousands of dollars back into the family budget each year.