End-of-Financial-Year Checklist: Is Your Home Loan Still the Right Fit?
As June 30 approaches, it’s the perfect time to take stock of your finances — and your home loan should be top of the list. Whether you’re a homeowner or an investor, reviewing your mortgage every couple of years helps ensure it’s still serving your goals — not draining your bank account.
Rates change, your life evolves, and new, better products come onto the market. What suited you five years ago might not be your best option today. Here’s how to check if your loan is still working for you this EOFY.
Quick Home Loan Health Check
Many homeowners stick with the same loan for years, without checking if it’s still competitive or flexible. Here are five questions to ask yourself before 30 June:
- Am I paying for features I don’t use?
Offset account, redraw, package fees — if you’re not using them, you’re wasting money. - Has my situation changed?
Changes in your income, work, family, or spending might mean your loan structure should change too. - Could my property be worth more now?
A new valuation could reveal equity to renovate, invest, or reduce debt. - Am I happy with my lender’s service?
If you’re frustrated by poor service or slow responses, it may be time to switch. - Am I paying unnecessary fees or missing out on flexible features?
Check for exit fees, redraw restrictions, or limits on extra repayments.
If these questions raise concerns — or you simply want peace of mind — let’s talk. I can compare rates and lenders for you, saving you time and money.
EOFY Checklist for Property Investors
If you own investment property, tax time is your chance to get organised and maximise deductions. Here’s what to tick off:
✔️ Claim all eligible deductions
Interest on loans, borrowing expenses, repairs, body corporate fees, and property management costs can all be deductible.
✔️ Split expenses correctly
If your property isn’t rented full-time (like Airbnb), you’ll need to apportion expenses accurately.
✔️ Pre-pay some costs
Pre-paying insurance or loan interest can bring deductions into this tax year if you expect higher income now.
✔️ Document everything
Keep thorough records of rent income and expenses. Cloud record-keeping tools can help.
✔️ Write off bad debts
Unpaid rent may be a claimable bad debt — check with your accountant.
✔️ Check capital gains obligations
If you sold a property this year, plan for CGT and see if you’re eligible for the 50% discount.
✔️ Use depreciation deductions
A quantity surveyor can help you claim building and asset depreciation — a valuable way to reduce tax.
✔️ Review your portfolio’s performance
Compare rental returns, occupancy, and costs. Decide whether it’s time to renovate, refinance, or buy again.
✔️ Get a loan health check
With recent rate changes, it pays to check if your investment loan is still competitive and structured for tax effectiveness.
Let’s Set You Up for a Strong New Financial Year
Tax time is the perfect opportunity to refresh your finances and make sure you’re not paying more than you need to.
If you’d like help reviewing your loan, unlocking equity, or planning your next investment, I’m just a call away.
Reach out today — let’s get you EOFY-ready and set up for a successful year ahead.