By Josh Bartlett, Manging Director of Mynt Financial
For many Australians, a home loan is the single biggest financial commitment they’ll ever make. Yet surprisingly, it’s also one of the most neglected once it’s set up.
With the Reserve Bank of Australia recently increasing the cash rate again, banks are already making moves behind the scenes, adjusting rates, tweaking policies, and quietly reshuffling products. In an environment like this, one thing has never been clearer:
If no one is actively reviewing your home loan, you’re probably paying more than you need to.
A Home Loan Is Not a “Set and Forget” Product
One of the biggest myths in lending is that once your loan is approved, the hard work is done.
In reality, the real value comes after settlement.
– Your income changes.
– Your family situation evolves.
– Interest rates move (sometimes quickly).
– New products and sharper pricing enter the market.
What worked brilliantly two or three years ago or even six months ago, may no longer be the best option today.
That’s why at Mynt Financial, we believe a mortgage broker shouldn’t just help you get a loan, they should stay with you.
Why Ongoing Reviews Matter (6-Monthly & 12-Monthly)
A proactive mortgage broker should be regularly asking:
- Is your interest rate still competitive?
- Is your loan structure still right for your goals?
- Could we reduce your repayments or help you pay the loan off faster?
- Are there better products available now that weren’t before?
- Has your equity position changed?
We routinely review our clients’ loans at 6-month and 12-month intervals, especially when there are rate changes, policy shifts, or life events. This ensures the loan continues to work for you not the other way around.
Don’t Rely on Your Bank to Call You
Here’s the uncomfortable truth.
If you’re waiting for your bank to proactively ring you and say:
“Hey, we think you’re paying too much, let’s drop your rate or move you to a better product”
…you may be waiting a very long time.
Banks reward new customers far more aggressively than existing ones. Loyalty rarely equals the sharpest deal. Without someone advocating for you, it’s easy to quietly drift onto an uncompetitive rate.
A Real-World Example: The Cost of Inaction
Recently, we spoke with a client who hadn’t reviewed their loan in eight years since the day it was set up.
- Loan balance: $420,000
- Current Interest rate: ~7%
- Age: Late 50s
- No broker contact in years
Had this loan been reviewed regularly, they could have comfortably been sitting in the low-5% range over recent years.
What does that mean in real terms?
- Around $450–$500 per month in unnecessary repayments
- Over $5,000–$6,000 per year in avoidable interest
- Tens of thousands of dollars over the life of the loan
- And potentially 4–6 years shaved off their mortgage term
That’s not a small difference. That’s earlier retirement flexibility, lifestyle choices, and peace of mind.
And it all came down to one thing: no one was actively looking after their loan.
Not All Mortgage Brokers Are the Same
Just like banks, not all brokers operate the same way.
A proactive broker:
- Builds a long-term relationship
- Understands your full financial picture
- Regularly reviews and adjusts your loan
- Acts quickly when market conditions change
- Advocates on your behalf every time
In a market that’s constantly shifting, this difference matters more than ever.
The Question Every Borrower Should Ask Right Now
With interest rates moving and banks adjusting pricing, ask yourself:
Who is actively reviewing my loan right now?
Who is making sure I’m not paying more than I need to?
If the answer is “I’m not sure” or “I haven’t heard from anyone in years” it’s probably time to engage a proactive professional.
Final Thought
Why pay more interest than you need to?
Why take longer to pay off your home loan than necessary?
In times like these, having a mortgage broker on your side, one who stays with you isn’t a luxury. It’s a smart financial decision.
If you’d like your loan reviewed, or simply want to know where you stand, we’re always happy to have a conversation.
