Updated 8 October 2026
Seven quick questions. Ballpark figures are fine, and a member of our lending team reviews every answer personally.
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General information only. This check does not take into account your objectives, financial situation or needs and is not credit advice. National Accounts Lending Pty Ltd (ABN 82 694 226 483) is a Corporate Credit Representative (number 577557) of Connective Lending Pty Ltd, Australian Credit Licence 389328.
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A proper health check looks at the whole loan, not only the headline rate. These are the seven things we review, and why each one matters.
| What we check | Why it matters |
|---|---|
| Your interest rate | Measured against current pricing from lenders on our panel, including what your own lender may offer to keep you. Small gaps compound over a long term. |
| Loan-to-value ratio (LVR) | Lenders price in LVR bands. If the property has grown in value or the balance has come down, you may now qualify for a sharper band. |
| Fixed rate expiry | When a fixed term ends, the loan usually rolls onto the lender's standard variable rate, which is rarely its sharpest price. |
| Features and fees | Package fees, annual fees, and offset or redraw facilities you are paying for and not using, or need and do not have. |
| Repayment type | An interest-only period about to end, or principal and interest repayments that no longer suit your cash flow. |
| Structure and ownership | Which person or entity borrows, how the loans are split, and whether private and investment borrowing have been mixed. |
| Tax position | Interest is deductible only to the extent the money is used to earn income, so the structure decides what you can claim. |
They were, by a wide margin. When the ACCC examined home loan pricing, borrowers with loans three to five years old were paying on average about 0.58 percentage points more than the average rate on new loans, and borrowers with loans more than ten years old about 1.04 points more, as at September 2020. Its conclusion was that many borrowers could save by seeking a lower rate from their existing lender or switching.
The average gap has since narrowed sharply. The Reserve Bank reported in February 2026 that the spread between the average new and average outstanding variable rate fell from around 35 basis points in 2019 to around 3 basis points by December 2025, after record refinancing and many borrowers asking their lender for a better rate.
That is good news on average and a warning for anyone who has not reviewed their loan. When most borrowers have negotiated, the ones still paying above the market are the outliers, and a market average tells you nothing about your own loan. The only way to know is to check it against what lenders would offer you today.
Ask first, switch second. A repricing request to your current lender costs nothing and avoids discharge fees, new application costs and, above 80% LVR, a second round of lenders mortgage insurance. That is often where we start, and we recommend a refinance only when the numbers clearly favour it.
Small differences in rate look trivial on a statement and add up quickly over a long term. On a $600,000 loan with 25 years remaining, a gap of half a percentage point costs about $185 a month, or roughly $2,200 a year.
| Rate gap | Extra each month | Extra each year | Extra over 25 years |
|---|---|---|---|
| 0.25 points | $92 | $1,106 | $27,662 |
| 0.50 points | $185 | $2,225 | $55,630 |
| 0.75 points | $280 | $3,356 | $83,898 |
| 1.00 point | $375 | $4,498 | $112,460 |
Illustrative only, not a rate offer. $600,000 owing, 25 years remaining, monthly principal and interest repayments, each gap measured against a 6.00% rate. Starting from 5.50% or 6.50% instead moves the half point figure by less than $5 a month, so the size of the gap matters far more than the starting rate.
Once a year is a sensible rhythm. These moments make a review more urgent:
Most health checks stop at the rate. National Accounts Lending is part of a chartered accounting firm, so ours also asks whether the loan is structured the way your tax position needs.
The ATO's rule is simple to state and easy to break: interest is deductible only on the portion of a loan used to produce income. Where one loan is used for both private and investment purposes, the interest has to be apportioned, and the ATO's position is that repayments must be apportioned across both portions for the life of the loan. You cannot choose to pay down only the private part.
Redraw is where structures usually break. Redrawing from an investment loan to pay for a car, a holiday or school fees turns it into a mixed-purpose loan, and the interest on that slice is not deductible from then on. Settling the structure before money moves costs far less than untangling it afterwards.
This matters most for borrowers with trust, company or self-employed income, and for property investors. See how we structure home loans for self-employed borrowers, how our property investment accountants handle the tax side, or model a rental's after-tax position with the negative gearing calculator.
No credit check is run for the health check. A credit enquiry only happens if you choose to apply for a new loan.
Seven questions, about a minute, and a real person reviews the answers.
A free review of your existing mortgage that compares your rate, loan-to-value ratio, features and structure with what lenders would offer you today. The outcome is usually one of three: stay as you are, ask your current lender to reprice, or refinance where the saving clearly outweighs the costs.
Yes. There is no cost and no obligation. If you later choose to take out a new loan through us, any commission we receive from the lender is disclosed to you in writing before you proceed.
No. We do not run a credit check for the health check. A credit enquiry is made only if you decide to apply for a new loan, and we tell you before that happens.
Once a year, and whenever a fixed rate is about to end, your property value or income changes significantly, or you are planning to borrow again. Loans that go unreviewed for years are the ones most likely to have drifted above current pricing.
Usually ask first. The Reserve Bank has noted that many borrowers requested and obtained better rates from their existing lender. Refinancing makes sense when the saving over the time you expect to hold the loan clearly outweighs discharge fees, break costs, any lenders mortgage insurance and the time involved.
Yes. We review owner-occupied and investment loans, including loans held by trusts and companies and loans to self-employed borrowers. Because we are also accountants, the review covers how the loan is structured for tax, not only the rate.
General information only, prepared without regard to your objectives, financial situation or needs. It is not credit, financial product or taxation advice and should not be relied on as such. National Accounts Lending Pty Ltd (ABN 82 694 226 483) is a Corporate Credit Representative (number 577557) of Connective Lending Pty Ltd, Australian Credit Licence 389328. Liability limited by a scheme approved under Professional Standards Legislation.
