A free financial health check, no strings attached
Rates and circumstances change, so a yearly broker review checks you’re still getting a fair deal.
How it helps
Most people set up a loan and forget it, while new customers often get sharper rates. A health check compares your loans with what’s available now.
Your broker reviews your home, car and personal loans and cards together, and says plainly if anything’s worth changing. Sometimes staying put is best, and we’ll say so.
What’s included
- Your current rates compared with today’s market
- Fees you might be paying without realising
- Whether consolidating debts would save money
- How much equity you have and how you could use it
- Your borrowing power if you are planning a move
What a loan health check looks at, and how to prepare
Your broker reviews rates, fees, fixed terms, features and total debt across all your loans and cards, alongside your goals. Outcomes range from asking your lender for a better rate to refinancing or consolidating, and you decide what happens next.
Read the full explanation
A health check is a structured review of the borrowing you already have. Your broker looks at the rate and fees on each loan, how long is left on any fixed terms, the features you are paying for and actually using, and the total you owe across home loans, car loans, personal loans and cards. They will also consider your goals, such as paying the home off sooner, renovating or buying an investment property, because the right loan depends on where you are heading.
To get the most from it, gather your latest statements for every loan and card, a recent payslip or tax return, and a rough idea of your monthly spending. Note any changes coming up, such as a fixed rate ending, a new job or a growing family. Sometimes the outcome is simply asking your current lender to review your rate. Other times your broker may suggest refinancing or consolidation, and you decide what, if anything, happens next.
- Homeowners who haven’t reviewed their loan in a year+
- Borrowers with a fixed rate ending soon
- People juggling several loans and cards
- Anyone renovating, investing or starting a family
Pros and watch-outs
Pros
- All your borrowing in one clear view
- May uncover costly fees or rates
- Helps plan for a fixed rate ending or big purchase
- No obligation to change anything
Watch-outs
- !There may be no savings; staying put can be right
- !Acting can involve paperwork and switching costs
- !Any new loan application involves a credit assessment
Costs and fees to compare
The interest rate is only part of the cost. Ask your broker to show these side by side.
The review itself
Free, with no obligation to act on anything your broker suggests.
Hidden ongoing fees
Package or monthly account fees are common findings. Check you use what you pay for.
Switching costs
If refinancing, weigh discharge, new loan and government fees against savings.
Break costs on fixed loans
Leaving a fixed term early can be expensive; your broker can help estimate it.
Card interest and limits
High-interest balances and big unused limits cost money and cut borrowing power.
Tips to strengthen your application
- 1Book a review about three months before a fixed rate ends.
- 2Bring statements for every loan and card.
- 3Note your goals for the next few years.
- 4Set a yearly reminder; rates, fees and circumstances change.
What happens next
Book a time
Choose a phone or video call that suits you.
Share your loans
Send recent statements for the loans you want reviewed.
Get your review
Your broker explains what they found, in plain English.
Decide
Act on it or keep it on file. There is no obligation.
Common questions
Is it really free?
Yes. There is no charge for a health check. If you decide to refinance, your broker is usually paid by the lender, and they will explain how before you proceed.
Will it affect my credit score?
No. The review uses your statements. A credit check only happens if you choose to apply for a new loan.
How often should I do one?
Once a year is a good habit, or whenever your circumstances change, such as a pay rise, new job or fixed rate ending.
What documents do I need for a financial health check?
Recent statements for your home loan, car or personal loans and credit cards are the main things. A recent payslip or tax return and a rough monthly budget help your broker give a more accurate picture.
Can a health check help me pay off my home loan faster?
It can. Your broker may identify ways to reduce interest, such as a lower rate, using an offset account or adjusting your repayment frequency. Even small changes can make a difference over the life of a loan.
What happens after the health check?
Your broker explains what they found and any options worth considering. You can act on them, ask questions, or simply keep the review on file. There is no obligation to proceed.
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