5 Signs Your Mortgage Needs a Review

Your home loan shouldn’t be a “set and forget” part of your financial life. In fact, treating it that way could be costing you thousands.

Just like you’d service your car or see a GP for a check-up, your mortgage needs regular attention to ensure it’s still fit for purpose. With life’s constant changes and interest rate movements, the home loan you signed up with three years ago might not be the best one for you today.

At Naked Finance, we believe in transparent, stress-free mortgage advice. Here are five clear signs it’s time to pick up the phone and have a professional broker review your mortgage.

1. Your Fixed Rate is About to Expire (Or Already Has)

This is the most obvious trigger. When your fixed-term ends, you’ll typically roll onto your lender’s default rate, which is often much higher than advertised specials. Don’t just accept the refix offer in your inbox - this is your golden opportunity to negotiate or shop around. A mortgage broker can compare rates across multiple lenders to secure you the best deal and potentially save you a significant amount per month.

2. Your Life Circumstances Have Changed

Got married? Had a baby? Changed jobs? Maybe you’ve come into some inheritance or your income has increased. Any major life event can impact your financial goals and capacity. A review can help you adjust your repayments, access equity for renovations, consolidate debt more smartly, or restructure your loan to pay it off faster. Your mortgage should adapt to your life, not hold you back.

3. You’re Hearing About Lower Rates “Out There”

If friends or the news are talking about competitive cashback offers or sharp rates you’re not on, it’s a sign you might be on your bank’s “back book” (loyal customer) rate. Lenders often reserve their best deals for new customers. A broker acts as your negotiator, ensuring you’re treated like a new customer every time and have access to the same competitive offers.

4. You’re Struggling with Repayments or Feeling Financially Stretched

Financial stress is a major red flag. If rising interest rates or other bills are making your mortgage feel like a burden, don’t wait. A broker can explore options like extending your loan term to lower payments, switching to interest-only for a short period (if suitable), or finding a lender with more favourable rates. There are pathways to relief, and acting early is key.

5. You Haven’t Had a Mortgage Review in Over Two Years

Even if none of the above signs feel urgent, the mortgage market evolves rapidly. Lender policies, interest rates, and your own financial position change. An annual or bi-annual check-up with a broker ensures you’re not missing out on better products, lower fees, or more flexible features that have come to market since you last looked.

Not sure if any of these apply to you? Let’s find out.

Take our free Mortgage Health Check Questionnaire

This quick quiz will help you identify if your mortgage is still working as hard for you as you are for it. Based on your answers, we can provide personalised insights on what your next best step might be.