What the health check covers
It's a free review of every loan you're carrying: car loans, personal loans, credit cards, business finance and your home loan. We look at the rate you're on, what you're paying in fees, what it would cost to get out, and what the panel would offer you today.
At the end you get a straight answer on each one: leave it, refinance it, or roll it into something else. No obligation, and no pressure to move anything that's already a good deal.
What we look at
Your rates
How each rate compares with what lenders on the panel offer someone in your position today.
Fees you're paying
Monthly account fees, annual fees and card fees add up quietly. We list every one.
Exit costs
Early payout and break fees decide whether moving a loan is worth it. We find out before recommending anything.
Your repayments
Whether they sit comfortably with your income and spending, and whether a different structure would free up cash.
Your credit file
What's on it, whether anything needs fixing, and how it's likely affecting the rates you're offered.
Balloons and end dates
Any balloon payments coming due and loans ending soon, so nothing lands as a surprise.
How it works
1. Talk us through it
A short call to go through each loan you have. Statements help, but they aren't essential to get started.
2. We compare the lot
Each loan is checked against what lenders on the panel would offer you today, with fees and exit costs counted in.
3. You decide
You get a plain answer on every loan: keep it, refinance it or combine it. Nothing moves unless you say so.
A health check for every kind of loan
Different loans go wrong in different ways, so the check looks for different things in each one.
Car loan health check
Car loans are where people most often pay more than they need to, usually because the finance was signed at the dealership on the day. Extras like insurance or a warranty are sometimes rolled into the balance, so you end up paying interest on them too. We check your rate against the panel, whether a balloon is waiting at the end, and what it would cost to pay the loan out early. If your credit has improved since you bought the car, refinancing can often bring the repayment down. More on car loans.
Business and equipment finance review
Chattel mortgages, leases and business loans are often set up in a rush to get a vehicle or machine working. We look at the structure as well as the rate: whether the balloon still suits your cash flow, whether the term matches how long you'll keep the asset, and whether several separate facilities would sit better as one. We don't give tax advice, so run any change past your accountant. More on business loans and equipment finance.
Home loan health check
Your home loan is usually your biggest debt, and the one where a small change in rate makes the biggest difference over time. We compare your rate with what panel lenders offer borrowers with similar equity, check whether a fixed period is about to end, and work out whether the cost of switching (discharge fees, government registration fees and any break costs on a fixed loan) would be covered by the saving. More on home loans.
Personal loans and credit cards
Unsecured debt usually costs the most, so it's often where the quickest saving sits. We list every card and personal loan with its balance, rate and fees, then check whether one combined repayment would cost less overall, not just less each month. More on personal loans.
Who it's for
Anyone who hasn't reviewed their loans in a while
If you signed up a few years ago and haven't looked since, there's a fair chance the market has moved.
People juggling several debts
Several repayments on different dates are easy to lose track of. We'll show you whether consolidating would save you money.
Business owners
Equipment, vehicle and business loans often get set up in a hurry. A review can tidy up both the structure and the cost.
Anyone about to borrow
If a big purchase is coming up, it pays to know how lenders will see you before you apply.
When staying put is the right call
A health check isn't a sales pitch for refinancing. Sometimes the numbers say leave it alone, and we'll tell you so. These are the most common reasons.
The exit costs eat the saving
Fixed rate loans can charge a break cost if you leave early, and some loans carry payout fees. If those cost more than you'd save, staying is cheaper.
There isn't much time left
Near the end of a loan most of the interest has already been paid, so a lower rate saves very little.
Your situation has changed
If your income or credit file has taken a hit since you took the loan out, today's offers may not beat what you already have. We'll tell you what would need to change first.
What you'll need
The more you can share, the better the answer. A recent statement for each loan is ideal. If you don't have those handy, the lender, the balance, the rate and the time left on each loan will do.
Health check questions
Does it cost anything?
No. The health check is free and there's no obligation to change anything.
Will it affect my credit score?
No. Reviewing your loans doesn't involve a credit check. One only happens if you decide to refinance and apply for a new loan.
How long does it take?
A short phone call to go through what you have, then we come back with what we found. The more statements you can send, the faster it goes.
Do I have to switch if you find a better deal?
No. You get the findings and the choice is yours. Plenty of people keep their loans as they are and just use the check for peace of mind.
Can you check a car loan I got through the dealer?
Yes. Dealer finance is one of the most common loans we look at. Bring the contract or a recent statement so we can see the rate, the fees and anything added to the balance.
Can you review business finance in a company or trust name?
Yes. Business loans, chattel mortgages and leases in a company, trust or sole trader name are all part of the check. For anything tax related, talk to your accountant.
What happens if I should refinance?
We show you the numbers side by side, fees and exit costs included. If you want to go ahead, we handle the application. See refinancing.
Do you review home loans too?
Yes. The home loan is often where the biggest saving sits, so it's part of the check. See home loans.
How often should I get a health check?
Once a year is a good habit, and any time something big changes: a pay rise, a fixed rate ending, a balloon coming up or a new loan on the horizon.
Want to read up first? Start with debt consolidation: how it works, and when it stacks up or how your credit score affects your rate.
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