When it comes to home loans, a mortgage broker plays an integral role in helping you identify the most suitable products and preparing your application.

But did you know that your mortgage adviser can continue to be a valuable port of call long after all the Is have been dotted and the Ts have been crossed?

The reality is that a home loan is a serious long-term commitment – and over the years and decades to come, it is very possible that the markets, and your individual situation, can change.

This is why it is so important to check in regularly with your personal mortgage adviser to ensure your home loan is still meeting your needs.

Annual reviews can not only help you determine whether your current loan is working well for you, but also can help you talk through any changes you may wish to make to your current mortgage.

For example, you may wish to add new features to your mortgage – redraw is often a popular choice – or you may wish to organise additional repayments to pay off your home loan more quickly.

If you are coming to the end of a fixed rate term, you may wish to speak to your broker about the other competitive rates available – and if you have a variable rate mortgage, you might want to assess how closely it tracks the cash rate movements set out by the Reserve Bank of Australia.

Another option is to split your mortgage into fixed-rate and variable proportions – this can give you the flexibility to move with the market, while at the same time providing a certain level of certainty when it comes to your repayments.

Your needs will change over time – and new products are always coming on the market – so it is important to check in with your adviser regularly to ensure you are budgeting as effectively as possible.

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.