Why you should do regular financial health checks

Medical professionals are trained to monitor health indicators closely. Small changes picked up early can prevent larger problems later on. The same principle applies to your finances.

For doctors, specialists and practice owners, regular financial health checks are an important way to stay in control of cash flow, manage risk and ensure your lending arrangements continue to support your broader goals. Yet many busy professionals set up their finances once and then leave them untouched for years.

In a changing economic environment, that can be a costly mistake.

Financial conditions don’t stand still

Interest rates, lending policies and household costs shift over time. Take inflation, which has now increased for four consecutive months, rising from 1.9% in June 2025 to 3.8% in October, according to the Australian Bureau of Statistics. That rise has added pressure to everyday expenses, from groceries and energy to insurance and childcare.

Looking ahead, the Reserve Bank of Australia signalled in December that it may raise interest rates in 2026, which would add further to cost-of-living pressures. Even small rate increases can materially affect monthly repayments, particularly for larger home loans.

A regular financial health check helps ensure these changes don’t quietly erode your financial position.

Why medical professionals benefit from regular reviews

Medical professionals often have more complex financial arrangements than most borrowers. Income structures can vary widely between salaried roles, private billing, contracting and practice ownership. Many also carry higher levels of debt due to long training periods and delayed earning capacity.

Regular reviews help you assess whether your current lending structure still makes sense given your career stage, income mix and personal priorities. What suited you as a registrar may no longer be appropriate once you become a consultant or business owner.

For practice owners, reviews are particularly important as business income, tax obligations and working capital needs evolve over time.

The importance of home loan health checks

Your home loan is typically your largest financial commitment. Yet many borrowers don’t know whether their interest rate is still competitive or how it compares with newer products in the market.

At Clear Path Home Loans, we conduct a home loan health check every 12 months for our clients. The aim is simple – to ensure your loan remains aligned with market conditions and your personal circumstances.

If we find your rate is higher than it should be, we will negotiate directly with your lender to seek a reduction. If the lender is unwilling to cooperate, we will explore refinancing options, helping you switch to a lower-rate loan if it makes sense to do so.

This proactive approach can deliver meaningful savings over time and provide peace of mind as rates and policies change.

Financial health is about more than interest rates

A thorough financial health check looks beyond the headline rate. It considers loan features, flexibility, offset arrangements and how your loan integrates with other aspects of your finances.

For medical professionals, this might include reviewing borrowing capacity ahead of a practice purchase, ensuring lending structures accommodate irregular income or planning for parental leave or reduced hours later in your career.

Regular check-ins also create an opportunity to reassess goals. Whether you are planning to upgrade your home, invest in property or reduce debt ahead of retirement, your lending should support those objectives rather than constrain them.

Staying ahead rather than catching up

In medicine, prevention is better than cure. The same applies financially. Regular financial health checks allow you to identify issues early, respond to changing conditions and avoid reactive decisions made under pressure.

With inflation rising and the possibility of higher interest rates on the horizon, staying proactive has never been more important.

Clear Path Home Loans works with medical professionals across Australia to provide ongoing support, beyond settlement. Regular reviews help ensure your finances stay on track, so you can focus on what matters most – your patients, your practice and your long-term wellbeing.

Want to get 2026 off to a great start with a home loan health check? Contact Shane Stewart at Clear Path Home Loans to discuss your scenario.