Reviewing your mortgage can show whether a lower rate or different loan would suit your family better. Refinancing may reduce repayments, but fees, lost features and a longer loan term can outweigh the benefit. Start by checking your current loan, asking your lender for a review and comparing equivalent alternatives.
That is the practical question behind the 21 September 2026 Teach Me About Property Podcast conversation between Massey and Felise: when did you last check what your bank is charging you?
Winning a home loan means winning a substantial borrowing relationship. In the podcast, Massey describes lenders competing through interest rates and refinancing incentives, and challenges homeowners to check their own arrangements.
His message is direct:
“Be loyal to your family, bro. Go get your family the best deal.”
That is Massey’s view about where your priorities belong. It is not a promise that another lender will approve you or that switching will save money.
The useful question is simple: does keeping this mortgage still make financial sense for your household?
A lower rate can make a meaningful difference when the balance and loan term stay the same. Here is an independently calculated illustration using the podcast’s $750,000 mortgage example.
| Illustrative annual rate | Monthly repayment | Monthly difference versus 7.00% |
|---|---|---|
| 5.69% | $4,348 | $642 less |
| 6.25% | $4,618 | $372 less |
| 7.00% | $4,990 | Baseline |
These rounded figures assume a $750,000 owner-occupier loan, principal-and-interest repayments monthly over 30 years, a constant interest rate and no fees or offset balance. Differences are calculated before rounding. The rates are examples, not current offers.
Around $642 a month could give a family more breathing room. But this table does not establish your savings. A variable rate mortgage can change, and your remaining term, fees and eligibility need to be included in your own comparison.
Your lender may improve your offer when you ask, so a review does not have to end with changing banks.
Massey describes a retention-team conversation in which a lender may become more competitive once a customer starts moving elsewhere. The lesson is to ask for a review early, rather than assume your rate already reflects what the bank can offer.
You could say:
“I’m reviewing my mortgage. What rate can you offer on my current balance, and would changing products add fees or remove any features?”
ASIC’s Moneysmart switching guide recommends asking your lender for a better deal. Compare the response with alternatives; a small reduction is not automatically a competitive offer.
The lowest headline rate can still come with trade-offs. Compare home loan rates alongside fees and features you genuinely use.
A comparison rate combines interest and most fees into one percentage. Check its assumptions: an advertised comparison may use a different balance and term from yours, and it does not capture every cost or feature.
An offset account is a separate linked account whose balance reduces the loan amount charged interest. A redraw facility lets you access extra repayments, subject to the lender’s rules. They are different arrangements, so check access conditions as well as charges.
Moneysmart’s home loan guidance explains how to weigh those features. Paying extra for an offset you barely use may be poor value; losing one you rely on could also be costly.
A cashback payment only helps if the overall loan works for you. It should never replace the cost comparison.
For any mortgage cashback offer you consider, confirm the lender’s written eligibility conditions, payment timing, eligible loan types and any repayment or clawback conditions. Do not assume an offer mentioned in a podcast is still available.
Then compare the incentive with switching costs, ongoing fees and repayments over the period you expect to keep the loan. A payment received once can be overtaken by higher ongoing costs.
Ask: “If there were no cashback, would this still be a loan I would choose?”
A review is worthwhile when your loan or household position has changed, or you have not compared options for some time.
Useful prompts include an approaching fixed-rate expiry, improved income, reduced debts, changed savings habits or a different property value.
Your loan-to-value ratio (LVR) is your loan balance divided by the lender’s assessed property value. A $750,000 loan against a $1 million property has a 75% LVR. Changes in that ratio can affect available options.
The podcast includes a listener discussing refinancing two mortgages with rates around 7.4%. That is a reason to investigate, not evidence that every borrower on a similar rate can obtain the same alternative.
Use a consistent process so the decision rests on your numbers rather than an advertisement.
Record the balance, rate, repayments, remaining term, ongoing fees and features you use. Ask your lender for an estimate of discharge costs and any fixed-rate break costs.
Get your existing lender’s offer in writing. Ask a qualified mortgage broker to explain suitable alternatives and why each fits your needs. Moneysmart’s broker guide includes questions about lender access, commissions and fees.
If you have 23 years left, request a comparison over 23 years. Resetting to 30 years may reduce repayments while extending the debt. Ask to see both total costs and the repayment difference.
Include discharge, application, valuation and government charges where applicable, plus break costs and any lender’s mortgage insurance (LMI). LMI protects the lender, not you.
For a simple illustration, $1,800 in switching costs divided by $150 in monthly savings gives a 12-month break-even point. That assumes savings stay constant and includes no additional costs.
Confirm eligibility, loan features, access rules and affordability. Approval depends on the lender’s assessment. If switching proceeds, check that any offset is linked correctly and repayment arrangements are working.
Your first step is a review, not a commitment to refinance.
TMAP’s conversation about household money decisions returns to a similar principle: understand what a commitment does to your family’s future.
Find your latest statement and speak with a qualified mortgage broker. Ask for a comparison that includes your remaining term, switching costs and the features you need.
For more practical money conversations, follow TMAP Finance on Instagram and listen to the Teach Me About Property Podcast.
Your savings depend on the balance, rate difference, remaining term, fees and loan features. The repayment table shows an illustration, not a personal outcome. Compare the full cost of staying against switching, including how long it takes to recover upfront costs.
A refinancing application can affect your credit score because credit applications form part of your credit history. Avoid lodging applications simply to compare prices. Check your report and discuss suitable options before applying; the impact varies with your circumstances.
It can be, but the rate difference alone cannot answer that. Compare repayments on the same balance and term, subtract additional costs and consider how long you expect to keep the loan. Also ask whether your current lender will reduce its rate.
It may be possible, subject to the lender’s assessment. However, you may need to pay LMI, which can outweigh the savings. Ask about eligibility and the full cost before proceeding; approval and an LMI exemption should never be assumed.
A bank explains its own products; a broker can compare lenders they work with, but may not cover the whole market. Ask about their lender panel, commissions and fees. Check that the broker is licensed or an authorised credit representative.
General information only. This article provides education, not personal financial, credit, tax or legal advice. Podcast comments reflect the speakers’ views. Repayment figures are illustrative, not offers or guaranteed savings. Consider your circumstances and obtain appropriate professional advice before changing your home loan.