Most people put far more effort into choosing their mortgage than they ever put into checking on it afterwards. That’s understandable — a mortgage isn’t exactly exciting once it’s settled — but a loan that was competitive when you took it out isn’t guaranteed to stay that way, particularly in a market where lenders regularly adjust pricing and introduce new offers for new customers.
Here’s how often it’s worth reviewing your mortgage, and what an actual review should cover.
Why “Set and Forget” Can Quietly Cost You
Lenders compete hardest for new customers. Existing borrowers, particularly those who’ve never negotiated or refinanced, can end up sitting on a rate that’s noticeably less competitive than what the same lender is currently advertising to attract someone new — a pattern sometimes referred to informally as “loyalty tax”.
This doesn’t happen out of malice — it’s simply how lender pricing works. But it does mean the responsibility for checking whether your loan is still competitive sits with you, not your lender.
So, How Often Should You Actually Review It?
As a general guide:
At least once a year
Even if nothing in your life has changed, an annual check against current market rates and offers is a reasonable habit — it costs nothing and can highlight whether it’s worth a closer look.
Whenever your fixed rate is approaching expiry
This is a critical checkpoint — read our guide on what to do if your fixed rate is coming up for renewal, since your loan will automatically revert to a standard variable rate if you don’t act — often a less competitive one.
After a significant change in your circumstances
A pay rise, a new job, paying off another debt, or a jump in your property’s value can all open up options (like better rates, different loan features, or access to equity) that weren’t available when you first took out the loan.
When you notice broader interest rate movements
This doesn’t mean chasing every RBA announcement, but a noticeable shift in the cash rate — up or down — is a reasonable prompt to check whether your lender has passed on comparable changes, and whether your rate still stacks up against the market.
What Should an Actual Mortgage Review Cover?
A genuine review goes beyond just glancing at your interest rate. It’s worth checking:
Your current rate vs current market offers
Not just from your existing lender, but across a broader panel — since the most competitive option for your situation may not be with the lender you’re currently with.
Whether your loan features still suit you
An offset account, redraw facility, or the ability to make extra repayments without penalty can matter more (or less) than they did when you first set up the loan, depending on how your circumstances have changed.
Your loan structure
If you’re on a loan that no longer matches how you actually manage money — for example, a loan with no offset account despite consistently holding savings — restructuring might deliver more value than simply chasing a slightly lower rate.
Fees
Ongoing package fees are only worth paying if the features you’re using justify the cost. It’s worth checking this hasn’t quietly become a net cost rather than a net benefit.
Your borrowing capacity, if you’re planning ahead
If you’re considering a future purchase — an investment property, a renovation, or simply want to understand your options — a review is a natural time to check where you actually stand, not just where your current loan sits.
What If the Review Shows You’re Already on a Good Deal?
Sometimes it does — and that’s a genuinely useful outcome too. Confirming your current loan is still competitive means you can stop wondering about it, rather than assuming you’re missing out without actually checking. A proper review isn’t only about finding a reason to switch; it’s about having an accurate, current picture either way.
How a Mortgage Broker Can Help
A mortgage review with a broker isn’t the same as glancing at a comparison website. When you compare your options across our lender panel, it typically involves:
- Comparing your current loan against live offers across a panel of lenders, not just headline rates
- Assessing whether your loan structure and features still suit your situation
- Checking whether negotiating with your current lender might achieve a similar outcome to switching, without the cost of refinancing
- Modelling the actual dollar difference a change would make, so any decision is based on real numbers rather than a general sense that “rates have moved”
Ready to Find Out Where You Stand?
Haven’t reviewed your mortgage in a while? Book a free, no-pressure mortgage review with Money Tree Mortgage Brokers and find out exactly where you stand.
Book a Mortgage Review
Frequently Asked Questions
How often should I review my mortgage?
At least once a year as a general habit, plus at key trigger points — a fixed rate nearing expiry, a significant change in your circumstances, or a noticeable shift in interest rates.
Is it worth reviewing my mortgage if I'm not planning to refinance?
Yes. A review can also confirm you’re already on a competitive deal, or surface a simple negotiation with your current lender rather than a full refinance.
What is "loyalty tax" in the context of mortgages?
It refers to the pattern where existing borrowers who haven’t reviewed or switched their loan can end up on less competitive terms than new customers being offered promotional rates by the same lender.
Does reviewing my mortgage cost anything?
A review itself is typically free. If it leads to refinancing, there can be associated costs (discharge fees, application fees, and potentially LMI), which should be weighed against the savings on offer.
Can I just ask my current lender for a better rate instead of switching?
Yes, this is often worth trying first. Whether it results in a genuinely competitive outcome is worth comparing against the broader market rather than accepting the first offer.
What's the difference between a mortgage review and refinancing?
A review is the assessment — checking whether your current loan is still competitive and suitable. Refinancing is one possible outcome of that review, not the review itself.
Articles are general information. Rules, lender policies and market conditions may change. Check publication and review dates and confirm current details before relying on time-sensitive information.