What to Expect in the Home Loan Review Process

If you're a homeowner or first home buyer in Bathurst or Lithgow, keeping your mortgage competitive is essential. One of the most effective ways to stay ahead financially is by regularly conducting a home loan review process. 

But what exactly does a review involve, and how do you know if it's time to act? Here’s everything you need to know. 

What Is the Home Loan Review Process? 

The home loan review process is a detailed evaluation of your current mortgage compared to new options available in the market. 

The goal is simple: 

• Ensure your interest rate remains competitive 

• Find out if better features or savings are available 

• Assess whether refinancing or restructuring your loan could save you money 

A good mortgage broker will conduct this review, and present tailored recommendations based on your financial goals and current situation. 

Why Should You Review Your Home Loan Regularly? 

Here’s why reviewing your home loan every 12–24 months is important, especially in today's changing market: 

• Interest rates shift — lenders regularly adjust offers, and newer loans may offer better rates. 

• Your financial situation evolves — higher income, improved credit score, or lower debt can unlock better deals. 

• You could be paying loyalty tax — banks often reward new customers with better rates than loyal existing customers. 

• Loan features improve — more flexible redraw options, offset accounts, or cashback incentives may now be available. 

Step-by-Step: What Happens During the Home Loan Review Process 

Here's a closer look at each stage: 

1. Initial Consultation 

Your mortgage broker (such as Sparks Finance, servicing Bathurst and Lithgow) will start by understanding your: 

• Current loan details (interest rate, lender, loan balance) 

• Financial goals (lower repayments, pay off faster, access equity) 

• Lifestyle changes (e.g., starting a family, planning renovations) 

2. Loan Health Check 

A full health check is done to see how your loan compares to current market rates. 

1. Are you paying above the average rate? 

2. Are there better features available for your needs? 

3. Is your loan structure (fixed/variable/split) still right for you? 

3. Research & Comparison

The broker compares dozens of lenders to identify: 

• Lower interest rates 

• Reduced fees or better package deals 

• Loan products that better match your updated needs 

Tip: Always make sure comparisons factor in the total cost, not just the interest rate. 

4. Recommendation Report 

You’ll be presented with a tailored recommendation: 

• Stay with your current lender (after negotiating a better deal) 

• Switch to a new lender offering greater savings or features 

• Consider restructuring the loan (e.g., adjusting repayment terms) 

5. Implementation

If refinancing is the best path, the broker will: 

• Manage paperwork 

• Handle negotiations 

• Coordinate settlement with the new lender 

Leaving you with minimal effort and maximum savings! 

FAQs About the Home Loan Review Process

Q: How often should I review my mortgage? 

A: Every 12–24 months or sooner if rates change significantly or your circumstances shift. 

Q: Can I do a home loan review myself? 

A: You can, but a mortgage broker has access to more lender deals and can negotiate on your behalf—often saving you more money. 

Q: Will reviewing my loan cost me anything? 

A: At Sparks Finance, we offer a free home loan review for clients in Bathurst and Lithgow—no hidden fees.