Why reviewing your mortgage matters in 2025
Right now, the mortgage landscape in Australia is shifting. Interest rates have seen fluctuations throughout 2025, and many lenders are adjusting their loan offerings to stay competitive. According to Roy Morgan, more than 28% of mortgage holders considered at risk of mortgage stress, and over 520,000 households in Victoria impacted. This makes reviewing your current mortgage not just smart, it’s essential.
Despite the financial pressure many Australians are experiencing, a surprising number of homeowners haven’t reviewed their mortgage in over a year. That’s potentially thousands of dollars in missed savings, better loan features, or even cashback offers going unclaimed.
What helps you get approved for a home loan in Geelong?
If you’re applying for a home loan in Geelong, knowing what lenders are looking for can increase your chances of approval. Here’s what matters most:
1. Understand your borrowing power
Your borrowing power is influenced by several factors: your income, existing debts, living expenses, deposit size, and credit history. Using online calculators can give you a rough estimate, but a broker can give you a more accurate picture based on your real financial situation.
2. Get pre-approval
Pre-approval helps you house-hunt with confidence and shows sellers that you’re serious. It also means fewer surprises when you’re ready to make an offer. We assist clients in securing pre-approval with lenders suited to their goals and circumstances.
3. Compare more than just interest rates
While a low rate matters, it’s only one piece of the puzzle. Offset accounts, redraw facilities, extra repayment flexibility, and repayment holidays can provide much-needed breathing room. Especially during times of financial pressure.
4. Choose a structure that suits your goals
Should you fix your rate or keep it variable? Would interest-only repayments suit you better during a construction or renovation phase? The right answer depends on your income, future plans, and how long you intend to stay in the property.
5. Check your credit health
Before applying, make sure your credit file is accurate and up to date. Clear out old debts, close unused accounts, and ensure you’re making existing payments on time.
Why work with a mortgage broker in Geelong?
Working with a mortgage broker in Geelong offers local insight and personalised support that online platforms and big banks can’t always match.
At Konnect Financial Services, we compare 40+ lenders on your behalf, from big banks to specialist lenders, to find the right solution for your circumstances. We understand the local property market, including median house prices, demand trends, and lending policies that may affect your borrowing power.
Unlike walking into your bank, where you’re limited to their own products, we offer objective comparisons across multiple lenders, giving you more options and greater negotiating power. We can even approach your current lender and ask what they’ll do to retain your business. Often, this results in sharper rates or waived fees without needing to switch lenders.
How refinancing your home loan could save you money
If you’ve had your mortgage for more than 18 months, now is a good time to review your deal. Many Australians are sitting on older loans that no longer reflect current market rates or available features.
Refinancing your home loan in Geelong can lead to real savings. Refinancing to a lower rate could reduce your repayments and save thousands over the life of your loan. On top of that, many lenders are offering incentives such as:
- Cashback offers
- Fee-free switching (valuation, application or settlement costs waived)
- Discounted rates for refinancers
- Offset and redraw options to improve cash flow
With the cost of living rising, maximising your mortgage efficiency is one of the smartest ways to manage household finances.
Let us help you take control of your home loan
Choosing the right home loan in Geelong doesn’t have to be confusing. Whether you’re buying, refinancing or building your property portfolio, Konnect Financial Services offers local expertise with nationwide lender access.
We make the process straightforward. From assessing your borrowing power and preparing documentation, to comparing loans and negotiating with lenders. You’ll receive advice tailored to your situation, not a one-size-fits-all product.
Contact us today for a free home loan review and find out how much you could save.
