Why not take this as a little reminder to reassess your financial goals and get a home loan health check to assess your loan's suitability to your circumstances.

It is well worth considering reviewing your options to make sure you are getting a red hot deal that is matched to your current lifestyle and financial situation.

Keep in mind that if your circumstances have changed since taking out your loan, you may now be eligible for a different loan type, one that potentially has a lower interest rate, additional features and better facilities.

With low interest rates and increased competition between banks and other lenders, now is a good time to be actively seeking a better deal.

Here are a few simple questions to ask yourself as a starting point:

1. Do you know your home loan's interest rate?

You could be paying too much. A local mortgage broker, like myself, could perform a home loan health check which could reveal another option with a lower interest rate. You will need to weigh up the cost versus benefit of switching lenders and/or loan products.

2. Have you just received a pay rise or bonus?

Adding a lump sum contribution to your home loan can help to reduce the interest owed and the term of your loan. A home loan health check can confirm whether your current home loan has the ability to make extra repayments. Keep in mind that if you have an offset account or redraw facility attached to your loan, you can still access the extra funds if needed.

3. Have you recently moved from a single income to a double income?

You may choose to use your second income to repay your home loan sooner and/or build up equity to upsize, buy an investment property, etc. Using an offset account could be a good option, particularly if you now have more income to add to the account, which would reduce the overall interest charged on the loan.

4. Are you looking to expand your family?

If you want to lower your loan repayments for a set period of time to alleviate pressure or to use your funds in a different way you may consider switching to an interest-only loan. These loans offer many of the same features as principal and interest loans. Again, the cost versus benefit of switching lenders and/or loan products needs to be carefully considered.

5. Do you have plans to upsize or downsize?

If you are looking to move to a different dwelling to suit your changing needs, there are a number of options available. Whether you are looking to upsize or downsize, a home loan health check will allow you to determine whether your loan is still the most suitable or whether there is a better option available for you.

In either case, a mortgage broker (like myself) can help you assess your options.

■ Richard Windeyer is a mortgage broker with Mortgage Choice. His advice is general in nature and readers should seek their own professional advice before making any financial decisions. Phone: Richard Windeyer on 1800 01 LOAN.