Check that your mortgage still fits your life

A mortgage isn’t a set-and-forget solution. You’re usually in it for decades, and life rarely stays the same for that long.

That’s why it’s worth reviewing your mortgage structure from time to time – ideally at least once a year – to check it still reflects your circumstances, priorities and goals. 

What has changed since your last mortgage review?
Here’s a quick checklist to get you started:

• Income changes – a pay rise, reduced hours, a new role, contracting or self-employment.
• Household changes – a new child, dependants leaving home, changes to shared finances. 
• Debt levels – paying down loans, taking on new borrowing, consolidating debt.
• Living costs – shifts in day-to-day expenses.
• Property plans – renovations, upgrading, downsizing, buying an investment property.
• Risk tolerance – feeling more (or less) comfortable with floating or short-term rates.

Even one change can be enough to justify a review. The aim is to ensure your mortgage remains a powerful tool, supporting your lifestyle while helping you potentially build wealth over time.

Be strategic with repayments

Many homeowners share the same goal: paying off their mortgage sooner and reducing the total interest paid along the way.

If that sounds like you, 2026 could be the year you make your repayments work a little harder.

A good place to start is crunching the numbers. Our Extra Repayments calculator shows how even small, regular increases can shorten your loan term and cut down interest over time.

Before increasing repayments, a couple of important checks:

• Make sure extra repayments fit comfortably within your cash flow. 
• If you’re on a fixed-term rate, check your lender’s limits on extra repayments to avoid fees or penalties.

And don’t forget to review your approach regularly, especially if your income or expenses change. 

Build equity where you can

Equity is often talked about as something that rises and falls with the property market. But that’s not the only way it grows.

You can build equity by reducing what you owe. Paying more than the minimum repayment – where your budget allows – lowers your mortgage balance faster. Over time, this can give you more flexibility, whether it’s improving cash flow at refix time or using equity to fund future plans.

Another lever is improving your home. Well-planned renovations may add value, but it pays to be strategic. Before you start, consider speaking with a property valuer and a local real estate agent to understand your home’s current value, and which improvements are most likely to deliver a return.

Protect your ability to repay the mortgage

A mortgage ultimately relies on your income. Having appropriate protection in place can help ensure your home – and your family’s lifestyle – remain secure if the unexpected happens. 

While personal insurance isn’t mandatory for mortgage holders, it’s worth considering. 

An Insurance Link adviser can help you find cover that suits your situation. Depending on your needs, this may include a mix of life insurance, income protection, trauma cover or mortgage protection. 

Like to explore this further? Find a local Insurance Link adviser here.

Do you have any questions?

If you’d like help reviewing your mortgage or planning your next steps, get in touch with your Mortgage Link adviser. Together, you can make sure your home loan is working for you in 2026 and beyond.

Disclaimer: The information provided in this article is intended for general informational purposes only and does not constitute financial advice. Every individual’s financial situation is unique, and financial decisions should be made based on your specific circumstances and goals. We recommend consulting with a qualified financial adviser before making any investment, insurance, or mortgage-related decisions.

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