A: Thanks to the Reserve Bank’s decision to hike rates, it’s understandable if you’re not feeling overly affectionate toward your home loan right now. But there are a few simple ways to give your mortgage a little attention – why not start this Valentine’s Day? – and potentially save money or reduce stress in the process.

1. Review your repayment frequency

If cash flow is tight, monthly repayments can ease pressure compared with weekly or fortnightly. Let’s say your monthly repayment is $2,000. Over a year, that’s $2,000 multiplied by 12, or $24,000. If you make weekly repayments, you might be paying $500 a week - and $500 multiplied by 52 equals $26,000 over the year.

That said, if you’ve got spare funds, more frequent repayments can help chip away at the principal faster and reduce interest over time—think of it as showing your loan a little extra commitment.

2. Put money in your offset account to work

Another option is to review how much you’re holding in your offset. You might have a $500,000 loan with $100,000 sitting in the offset, or perhaps $50,000. If that money isn’t earmarked for a rainy day and you only need, say, a $20,000 buffer, you could consider putting the remaining $30,000 into the loan and reducing the limit. That can help lower your monthly repayments and keep your interest bill in check.

3. Consolidate your cash to help reduce loan liabilities

Make sure you’ve got all your money in the right place. It’s common to see people holding cash in separate accounts for perhaps an inheritance of $50,000 or $100,000, or a redundancy payout of $300,000, while still carrying a sizeable mortgage, say $1.1 million. Bringing those funds closer to your loan can make them work harder for you.

4. Make rainy-day accounts work harder for you

Where possible, ensure your money is working for you by sitting against the loan. Many people budget using multiple savings accounts for holidays, household expenses and car costs – but it’s worth checking whether your home loan allows multiple offset accounts. That way, all your savings and expense accounts help reduce interest while your budgeting stays organised.

5. Trim the loan limit if you can

If you’re well ahead on repayments or have excess funds sitting in redraw, ask your lender about reducing the loan balance or limit. This can lower your required repayments and make the loan feel more manageable.

6. Negotiate your rate (with the help of Our Broker)

There can be a meaningful gap between lenders. Even a 0.25% difference on a $500,000 loan can equate to roughly $1,200 a year. If your rate starts with a “6” while others are in the mid-5% range, it might be time for a conversation. Our Broker loves helping Australians find sharper deals on their home loans.

Alternatively, fixing part of your loan may provide a little more certainty, while keeping some variable maintains flexibility. A split loan can be a practical middle ground, and an Our Broker financial specialist can talk you through the options.

A little proactive “loan love” now by reviewing your loan structure, your rate and where your cash sits, can make a noticeable difference to mortgage affordability and long-term interest costs.

This Valentine’s Day, a quick check-in with Our Broker (1300 796 793) could be the smartest relationship move you make.