A home loan health check is a free review of your existing mortgage — rate, balance, remaining term, repayment type, loan features and current property value — to tell you whether you are still on a competitive deal, whether your own lender will reprice, or whether switching is worth the effort. Enter your loan details and a broker compares it against 45+ lenders the same business day, with no credit check and no obligation.
This page is for people researching home loan review and related options such as mortgage review, home loan rate review, check home loan rate. It explains how this type of finance generally works, who it may suit, the issues that can affect lender approval, common scenarios and the steps involved from initial review through to settlement or funding.
Every application is assessed on its own facts. Property or asset value, income, expenses, existing debts, credit conduct, entity structure and lender policy can all change the outcome. The information below is general and is designed to help you ask better questions before choosing a lender or loan structure.
A useful review looks at the current rate, remaining term, balance, repayment type, offset or redraw use, property value, loan-to-value ratio and any changes in the borrower’s goals. Sometimes the best outcome is a pricing request with the existing lender; sometimes a refinance is worth comparing; and sometimes no change is needed.
As a mortgage is repaid or a property rises in value, the loan-to-value ratio may improve. That can affect pricing, available lenders and whether previous LMI constraints still apply. A lender valuation is required before relying on a new value for a refinance.
A borrower who has added an investment property, started a business, accumulated or cleared other debt or changed repayment goals may need a different loan structure even if the current rate remains competitive. Reviewing the loan in context helps ensure the mortgage still fits the wider financial position.
Broker's Guide
What you need to qualify, what to have ready, where lender policies genuinely differ, and the mistakes we see most often. General information — every application is assessed on its own facts.
Scenario 1
Situation: Loan opened five years ago, never repriced, rate well above the lender's new-customer offer.
How we'd approach it: We ask the lender for their retention rate first (often approved within 48 hours), then show you the best two panel alternatives so you can choose with real numbers.
Scenario 2
Situation: Revert rate is far higher than market; owner wants certainty.
How we'd approach it: Comparison of fixed vs variable across the panel, application lodged four weeks before expiry so settlement lands on the rollover date and no break cost applies.
Scenario 3
Situation: Rate is within 0.1% of the best available for the profile.
How we'd approach it: We tell you to stay put — and diarise the next check for 12 months. A review is only useful if it is honest.
Our Approach
We start by understanding the full scenario and what you want the finance to achieve. Depending on the transaction, our work can include:
Real Situations
A review can be triggered by a pricing issue or a broader life change. Common reasons include:
Step by Step
Initial strategy call and fact-find
Review relevant income, expenses, liabilities, assets and supporting documents
Identify the main lending objective and any policy constraints
Compare suitable lenders and structures
Present the recommended option, expected repayments, fees and key conditions
Prepare and lodge the application after you decide to proceed
Manage lender questions, valuation or asset checks and approval conditions
Complete documents and settlement or funding
Review the lending again when your circumstances or lender pricing change
A loan approval is only one part of the process. Derwent Finance focuses on understanding the objective, comparing lender policy and helping manage the application from initial strategy through to settlement. We assist borrowers across Australia with home loans, refinancing, investment, construction, self-employed, complex, commercial and business finance scenarios.
Where the best outcome is to keep an existing loan or wait until the borrower’s position changes, the recommendation should reflect that rather than moving a loan simply to create a transaction.
FAQs
A review can be useful when rates, property values or circumstances change.
No.
Sometimes repricing is worth comparing with a refinance.
A broker can often compare policy before a formal application.
The time required for expected savings to recover refinance costs.
Yes, if you want to assess that option.
Still have questions? Speak with our team
Ready to understand your options? Book a Strategy Call with Derwent Finance. We can review your current position, what you want to achieve and which lending pathways may be available.
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General information only. Credit assistance is subject to individual circumstances and lender criteria. Interest rates, fees, lender policy, government schemes and eligibility can change without notice. This website does not provide legal, taxation or financial advice. Content last reviewed: August 2026.
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