How often should I review my home loan?

Regular review of your home loan is essential to ensure you are not overpaying relative to current market conditions. Many homeowners set and forget their mortgage, which can result in thousands of dollars in unnecessary interest payments over time.

At a minimum, you should review your loan at these key intervals. Two to three months before your lock-in period expires is the most critical review point. This gives you sufficient time to compare options and complete a refinancing or repricing process before the lock-in ends. If you miss this window and drift into the post-promotional rate, you could be paying significantly more than necessary.

Annually, even if you are within a lock-in period, it is worthwhile to assess the market. Understanding current rates helps you prepare for your next move and may influence decisions about partial prepayments or other financial planning.

When market conditions change materially - such as a significant shift in SORA rates, new government cooling measures, or major economic developments - reviewing your loan can reveal whether immediate action is warranted or whether a wait-and-see approach is appropriate.

When your financial situation changes - salary increase, bonus, inheritance, change in family circumstances, or additional property plans - a review ensures your mortgage structure still aligns with your goals.

During your review, assess whether your current rate remains competitive relative to the market, whether your remaining tenure is optimal given your current financial position, whether partial prepayment would save meaningful interest, whether your insurance coverage is still adequate, and whether any upcoming life changes (retirement, children's education expenses) should influence your mortgage strategy.

The challenge for most homeowners is staying on top of market movements and knowing when a better option is available. This is where Cashew adds significant value - by monitoring your loan against the market and proactively alerting you when it is time to act, Cashew ensures you never pay more than you need to for your mortgage.