Quick: what interest rate are you currently paying on your home loan? If you had to stop and think, you're not alone. And that pause is often the first sign that your loan is worth checking.

Most Australian homeowners set up their mortgage, make their repayments, and don't look at it again for years. That's understandable. But lenders rely on it. The longer you stay without reviewing your loan, the more likely you're paying too much on your home loan compared to what's available in the market today.

Sign 1: Your Loan Is More Than Two Years Old and You've Never Asked for a Better Rate

Banks offer their sharpest rates to attract new customers. Once you're on the books, the incentive to give you a better deal disappears unless you ask.

An inquiry by the Australian Competition and Consumer Commission found that borrowers with loans aged three to five years were paying, on average, 0.58% more than new customers at the same lender. For loans between five and ten years old, that gap widened to 0.71%. This difference is sometimes called the "loyalty tax": the cost of staying without reviewing.

If your loan is a few years old and you haven't had a rate review or asked your lender to reprice, there's a good chance the gap exists on your loan too.

Sign 2: You Don't Know Your Current Rate Off the Top of Your Head

It sounds simple, but it's a useful test. Log in to your bank's app or online portal and find your current interest rate. Then look at what rate that same lender is advertising to new customers for a comparable loan.

If there's a noticeable gap, that's the loyalty tax showing up in your account.

A difference of 0.5% on a $600,000 loan adds up to around $3,000 per year in extra interest. Over five years, that's $15,000 that your loyalty quietly cost you.

Sign 3: Your Fixed Rate Recently Expired

When a fixed rate period ends, your loan automatically rolls onto the lender's standard variable rate. This rate, sometimes called the revert rate, is often much higher than the rate you were on during the fixed period.

If your fixed rate expired recently and you didn't take any action, you're likely sitting on a revert rate right now. These rates are rarely the most competitive option available, and most lenders won't contact you proactively to offer you something better.

Sign 4: You Haven't Reviewed Your Loan Since Rates Changed

Australian interest rates moved significantly over the past few years. If your loan pre-dates the current rate environment and you've never compared it against today's market, you're working with outdated information.

Lenders reprice regularly. A loan that was competitive three years ago may not be competitive now, even with the same lender.

Sign 5: You Assumed Your Bank Would Tell You If Something Better Was Available

Banks are not required to proactively offer existing customers better pricing. Their job is to retain you, not to optimise your costs. If a better rate existed on your loan type, you would need to ask for it, or find out through an independent review.

This is one of the most common misconceptions we see. People assume that because they're a loyal, on-time customer, their bank will reward them. In practice, loyalty is rarely priced into your rate.

What to Do If You Recognise Any of These Signs

You have two main options.

The first is to contact your lender directly and ask for a reprice. Some lenders will sharpen your rate to keep your business, particularly if you've been with them for a while and have a clean repayment history. It's worth a call, and it costs you nothing to ask.

The second is to have an independent broker review your loan against the wider market. A broker can compare your current rate across a panel of lenders, account for your offset account and other features, and tell you honestly whether switching makes sense or whether staying put is the better call.

Reviewing your loan doesn't mean committing to anything. It means getting a clear picture of where you stand.

Find Out If You're Paying Too Much on Your Home Loan

At Swish, we look at your loan before we give any advice. We check your current rate, compare it against what's available today, and tell you straight whether there's a meaningful saving on the table or whether you're already on a good deal.

If you've recognised any of the signs above, it's worth five minutes to find out where you actually stand. Book a free call with Swish and we'll take a look.