Your home loan is likely to be one of your biggest financial commitments. Yet once it is established, it can be easy to leave it running quietly in the background.

With interest rates, lending products and personal circumstances changing over time, a regular review can help ensure your loan is still competitive and structured appropriately for your needs.

At Indigo Financial and IFP Advisory (part of the Indigo Financial Group), we believe that improving your financial position rarely comes down to one big decision. More often, it is the result of making sensible decisions today and regularly checking that your financial arrangements are continuing to work for you.

For many Australians, the interest charged on their home loan is one of their largest annual household expenses. That is why we have been paying close attention to the increasing number of clients asking us about their current interest rate, repayments and whether their lending is still competitive.

One of the first questions we ask is:

When was the last time you reviewed your home loan with your mortgage broker?

If it has been a while, now may be a good time to arrange a review.

A broker can look beyond the headline interest rate and consider your loan structure, fees, repayments, offset or redraw facilities and whether the loan still suits your current circumstances and longer-term goals.

Even a small difference in the interest rate can have a meaningful effect over time. However, reviewing your loan does not automatically mean refinancing. The right outcome may be to retain your existing loan, negotiate a better arrangement with your current lender or consider another option.

The important thing is to make an informed decision rather than simply assuming your current loan remains the best fit.

If you already have a mortgage broker you know and trust, I encourage you to contact them and arrange a review.

If you do not currently have a broker, please get in touch with us. We can introduce you to one of our trusted mortgage broking partners, who can review your position and explain the options available to you.

To arrange an introduction, email John Tsoulos at jtsoulos@indigofinancial.com.au or give our team a call on 08 8212 8585 today.

Contact Indigo Financial on (08) 8212 8585 if you need help with understanding any of your accounting, taxation and business development needs.