EOFY Home Loan Review: What Borrowers Should Check Before The New Financial Year

This financial year closes with a different lending backdrop. Rates have moved, lender policies have changed, and many borrowers who have not reviewed their loan in two or three years may now be in a very different position. 

EOFY home loan review is not just a tax-time formality. It is the one point in the year when most people actually stop and look at their loan properly. Here is what to actually check.

The Checklist

•  Check your current rate against the market: Lenders regularly update rates and offers, so it is worth checking whether your current rate remains competitive. With the RBA cash rate now at 4.35% after rate increases in 2026, a loan that looked competitive twelve months ago may be worth reviewing against current market options.
•  Review unused features you’re still paying for: Offset accounts, redraw facilities, and package fees only add value if you actually use them. If your loan includes extras sitting idle, that is an unnecessary cost worth removing before the new financial year starts.
•  Consolidate high-interest debt where it makes sense: Credit cards, personal loans, and buy-now-pay-later balances quietly erode household cash flow. Debt consolidation can help improve cash flow in some situations, but it should be assessed carefully because moving short-term debt into a home loan may increase total interest costs over time if not repaid faster.
•  Confirm your loan still matches your life: Income, family size, and employment all change. A loan structured around your situation three years ago may no longer reflect where you are now, and lenders reassess applications based on your current circumstances, not your old ones.
•   Gather your paperwork for tax time: Loan statements, interest summaries and repayment records should always be up to date. If you own an investment property, speak with your accountant about the records they require and any tax obligations that apply to your situation. 
•   Assess whether equity has built up that you’re not using: Rising property values may have unlocked equity that could fund a renovation, consolidate debt, or support a second purchase, but only if you check rather than assume your loan balance is the full picture.

If You Own an Investment Property

Investors should take extra care before EOFY. Your loan structure, interest statements, rental records and property-related documents should be reviewed with your accountant.

Tax treatment can depend on your personal circumstances, loan purpose and current rules, so avoid guessing. Use EOFY as a checkpoint to confirm what applies before the new financial year begins.

Looking Ahead, Not Just Looking Back

Reviewing your home loan is not only about looking backwards. If buying, refinancing or restructuring is part of your financial plan, a home loan review can help you understand your borrowing position before making any major decisions. 

With rates still elevated, many borrowers are reviewing whether their current lender remains competitive. Even if refinancing is not the right move, a loan review can help confirm whether your current structure still makes sense.

Where OM Financials Fits In

The OM Financials team works across more than 50 lenders, helping borrowers compare rates, fees, loan features, and lender policy without having to chase every option themselves. Whether the right move is refinancing, consolidating debt, or simply confirming your current loan is still fit for purpose, a proper review with an experienced mortgage broker borrowers trust can put you in a stronger position for FY26–27.

Book a free consultation with OM Financials, a trusted mortgage broker Australia borrowers can rely on, to review your current loan and explore the most suitable options for your financial goals. Visit omfinancials.com.au to get started. 

Follow OM Financials on Instagram, Facebook, YouTube, and LinkedIn for ongoing updates on home loans and lending changes throughout the new financial year. 

Frequently Asked Questions

Q: How often should I review my home loan?

Answer: Every two to three years, or sooner if rates change, your income changes, or your financial goals shift. 

Q: Is refinancing before EOFY worth it?

Answer: It can be, but only if the savings, fees, features and long-term structure make sense for your situation. 

Q: What documents should I prepare before EOFY? 

Answer: Start with loan statements, interest summaries, repayment records and any documents your accountant requests. 

Q: Does the Federal Budget change my existing loan?

Answer: Not directly. But if you are planning to buy, refinance or invest, speak with your accountant and broker before making decisions.