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First Home Buyers: How to Review Your Home Loan

12/05/2025
10:00 AM
Owning your first home is exciting — but it also comes with responsibility. Once your mortgage is in place, it’s tempting to “set and forget.” But a proactive review of your home loan can make a significant difference to your financial wellbeing.

Whether your goal is to pay off your mortgage sooner, reduce monthly repayments, or access better features, a home loan review is your chance to take control.

Here’s how to review your mortgage in a few simple steps.


Step 1: Gather the Facts

Start by collecting all the key details about your current home loan. You’ll want to know:

  • Your current interest rate
  • Loan balance and remaining term
  • Monthly repayments
  • Any ongoing or hidden fees
  • Available features (such as redraw, offset accounts, or flexible repayments)
Understanding your current position is the foundation for making smart decisions.


Step 2: Compare the Market

Next, take a look at what other lenders are offering. Focus on the comparison rate, which includes fees and charges in addition to the interest rate — giving you a more accurate idea of the true cost of the loan.

Keep an eye out for:
  • Lower interest rates
  • Flexible features that match your lifestyle
  • Lower fees and better terms
This step can be time-consuming, but it’s worth it. Better yet, reach out to a mortgage broker who can quickly scan the market for you. At Dream Catchers Lending, we have access to dozens of lenders and can match you with options that suit your unique needs.


Step 3: Clarify Your Goals

Not all borrowers want the same thing from their mortgage. Ask yourself:

  • Do I want to pay off my loan sooner?
  • Would lower monthly repayments ease financial pressure?
  • Am I planning renovations or big life events that require equity?
  • Do I want to switch from variable to fixed (or vice versa)?
Your goals will help determine whether refinancing, renegotiating with your current lender, or restructuring your loan is the best course of action.


Step 4: Take Action

Once you’ve identified a better loan — or realised your current one no longer suits your needs — it’s time to make your move.

You might:

  • Negotiate with your current lender — sometimes, all it takes is a phone call to unlock a better rate.
  • Refinance with a new lender — especially if the savings outweigh the switching costs.
  • Restructure your loan — such as changing the loan term, repayment frequency, or loan type.
An experienced mortgage broker can walk you through the options, explain any costs involved (like break fees or application fees), and help you make a smooth transition.


Stay Ahead with Regular Reviews

Reviewing your home loan may sound like a chore, but it doesn’t have to be. With expert guidance and a clear plan, it’s an opportunity to take charge of your financial future. At Dream Catchers Lending, we make mortgage reviews easy and stress-free. We’re passionate about helping first home buyers make smart choices that lead to long-term success.


Not sure how your loan stacks up?

Contact Dream Catchers Lending today for a free home loan health check and see how much you could be saving.

 

Dream Catchers Lending is an MFAA-accredited member and a Certified Divorce Specialist.  Feel free to book an obligation-free virtual appointment or leave us your details and we'll be in touch. 

 

Photo from Pexels by Mart Production. 
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