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What to do when your fixed rate interest period ends

Updated: Jul 12, 2022

Not sure what to do when your fixed rate interest period ends?

When your fixed rate interest term expires, you do have a few options. In the months leading up to the fixed term's completion, do your research on the home loan market and ensure you have a good knowledge of your own mortgage. Before deciding, look at your circumstances, future financial goals, and current market trends as they could have changed.

But here are some tips for when that rate ends. You should consider the three R’s:

Refix, Refinance & Revert.

- REFIX your current home loan:

You can keep the same mortgage and get another fixed rate from your current lender, if they allow it. This is usually very simple. Fixing probably isn't the best option if you plan to sell or renovate, or if you plan to make lots of extra repayments.

- REFINANCE your mortgage:

Despite the rate rises there's a hugely competitive home loan market currently, so it's worth checking out and comparing home loan rates. Ideally, you should start planning to remortgage around three to six months before your fixed rate period ends. Acting early can also help you avoid extra payments.

- REVERT to a variable rate:

If you don’t do anything, your home loan will most likely revert to your lender’s standard variable rate with no additional costs or paperwork. However yes, they are usually much higher than usual. You still have the option to refinance at a later date.

Do yourself a favour… The simplest step you can take is to call a mortgage broker to find out if you’re eligible for a cheaper rate with another lender.

General Advice Warning:

The material on this page and on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this page and on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs.

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