Is Your Home Loan Ready for EOFY? Here's What to Check Before June 30
As the end of financial year rolls around, it’s the perfect time to give your finances a quick once-over – and that includes your home loan. Whether you're an investor or an owner-occupier, EOFY is a smart reminder to make sure your loan is still working for you, not the other way around.
Here are a few simple things you can check before June 30:
1. Review Your Loan Statements
Since you may need to find these for your accountant, why not take a moment to look through your most recent loan statements.
- Are you happy with the rate you're paying?
- Has your lender passed on recent rate cuts – or quietly added a hike?
- Are there any surprise fees or charges that you weren’t expecting?
Even a small change in rate can make a big difference over time. If it’s been a while since you’ve checked, or you’re not sure how your loan stacks up, we can help you compare.
2. Check Your Repayment Type
If you're on an interest-only loan, check how long you have left on the interest-only term. Many borrowers don’t realise they’re about to roll over to principal and interest until the repayments suddenly jump.
If you’re coming to the end of the term, it might be time to:
- Reassess your strategy
- Refinance to extend the term
- Or start planning for the switch to principal and interest
This is especially important if you’ve had the loan for a few years and your financial goals have changed.
3. Are Your Offsets Set Up Properly?
If you have an offset account, make sure:
- It’s actually linked to your loan
- Your salary or savings are being paid into it
- You’re not accidentally using a redraw when you think it’s an offset
- Many lenders now offer multiple offsets, which can give you even more savings.
This is a common one we see and the fix can be as simple as a quick call to your bank or broker.
Want a quick check-up?
We offer obligation-free reviews, and it only takes a few minutes to find out if your current loan still stacks up. If there’s a better deal or setup available, we’ll let you know.
Let’s make sure you head into the new financial year in the best possible position.
📩 Get in touch for a quick EOFY check-up, no jargon, no pressure, just smart advice.
