EOFY financial health checklist: Is your home loan still working for you?

As the end of financial year approaches, now is the time to take stock of your finances, including your home loan. Whether you own your home or an investment property, this is the ideal time to assess your financial position, review your loan structure, and make sure your current mortgage is still fit for purpose.

Rates shift, life changes, and alternative loan products emerge. What suited you years ago might no longer. Reviewing your loan every two to three years is crucial for maintaining good financial health. Below is some general guidance, along with helpful links, to steer you through what to check this end of financial year.

Home loan health check: For all mortgage holders

Many borrowers lock in a loan and forget about it – but letting your home loan sit untouched for years could quietly erode your financial position. As part of your EOFY reset, ask yourself:

Do I still need the features I’m paying for?

Offset accounts, redraws, cheque access – are you using them, or just paying for them?

Has my financial situation changed?

Income, expenses, employment, family size – life moves fast. Your loan should reflect your current life, not a former one.

When was my last property valuation?

Rising property values may have unlocked equity you’re not using – equity that could fund renovations, reduce debt, or improve cash flow.

Am I satisfied with my lender’s service?

Delays, indifference, or poor communication are red flags. If your lender treats your business as a burden rather than a priority, it’s time to look elsewhere.

Am I paying unnecessary fees or restricted from making extra repayments?

Redraw fees, account-keeping charges, and limits on extra repayments can add up or hold you back. Check if your loan offers flexibility without the hidden costs.

If you’re unsure how to answer these questions, or if the answers aren’t giving you confidence, it’s a clear sign to speak to a broker. I can review your current loan, compare rates and features across lenders, and help ensure you’re in a product that aligns with your financial needs and goals.

EOFY checklist for property investors

If you also hold investment property, you should go a step further and prepare your portfolio for tax time. Here’s a quick EOFY checklist to help keep you on track.

1. Maximise your tax deductions

The Australian Taxation Office’s 2025 Tax Time toolkit for investors has a wealth of information about what tax deductions you can and can’t claim for your property investment. Examples include:

• Interest on loans – claim interest paid on the amount borrowed (or a portion of it) relating to assessable income.
• Borrowing expenses – including loan establishment fees, lender’s mortgage insurance, title search fees, mortgage document preparation, and broker fees.
• Repairs and maintenance – e.g., replacing a worn-out fence or re-oiling a deck. Improvements and renovations are treated differently.
• Body corporate fees and charges – admin fees are deductible straight away; capital works levies must be depreciated over several years.
• Property management costs – property manager fees can be claimed as deductions.

2. Document your rental income and expenses

Your tax accountant will need full details. Ideally, use an online platform to manage records rather than paper receipts. Many tools exist to store and track rental income and expenses safely.

3. Consider pre-paying expenses

If you expect to be in a higher tax bracket this year, consider pre-paying investment property expenses like insurance or loan interest before June 30. This allows deductions to apply in the current financial year.

You can find the 2024–25 tax brackets on the ATO website.

4. Ditch bad debts

If your tenants haven’t paid their rent, you may be able to write it off as a bad debt – reducing taxable income. Speak to your accountant.

5. Plan for Capital Gains Tax (CGT)

If you sold an investment property this financial year, plan for the CGT liability. If held longer than 12 months, you may be entitled to the 50% CGT discount.

6. Don’t forget depreciation deductions

You can claim for depreciating assets like dishwashers. Hire a quantity surveyor to prepare a depreciation schedule – this outlines deductions on buildings, fixtures and fittings.

7. Review your property’s performance and plan ahead

Compare rental income, occupancy, and maintenance over 12 months. Identify high- and low-performing properties. Consider your next steps – buy another, renovate, restructure? Talk to us about your finance options.

8. Get an investment loan health check

With two cash rate cuts this year and ongoing movement, now is a great time to review your investment loan.