What will your new repayments be?
Is your fixed rate expiring? In less than 60 seconds understand how much your new repayments will be and how much you could save by switching to a better loan.
Rated 5 from 141 Reviews
Rated 5 from 141 Reviews
A fixed rate expiry is one of the most important moments in your mortgage. If you do not take action, your lender will automatically roll you onto their standard variable rate - which is rarely the most competitive option available. The good news is that with a little preparation, a fixed rate expiry is an opportunity rather than a problem. The tool above helps you track when your fixed period ends so you are ready to act at the right time.
What Happens When Your Fixed Rate Expires?
When your fixed term ends, your loan reverts to your lender's standard variable rate. This rate is set by the lender and is typically higher than the discounted rates available to new customers or those who actively negotiate. Many borrowers stay on this revert rate without realising it, paying more than they need to for months or even years simply because the change happened quietly in the background. Knowing when your fixed rate expires gives you the opportunity to get ahead of it.
Your Options at the End of a Fixed Term
You have a few options when your fixed period ends. You can re-fix with your current lender for a new fixed term, move to a variable rate with your current lender, or refinance to a new lender entirely. The right choice depends on where rates are sitting at the time, what your lender is offering versus what the broader market has available, and what your financial goals look like over the next few years. We help you assess all three options clearly so you can make the right call rather than simply accepting what your current lender offers first.
Why Refinancing at Fixed Rate Expiry Often Makes Sense
Fixed rate expiry is one of the most common triggers for refinancing, and for good reason. Your lender knows your fixed period is ending and may offer a retention rate - but that rate is often still not as competitive as what a new lender will offer to win your business. By comparing across our panel of 50+ lenders at the point of expiry, we can identify whether your current lender's offer stacks up or whether there is a meaningfully better deal available elsewhere.
Importantly, there are no break costs to worry about when your fixed rate expires - unlike breaking a fixed rate mid-term. This makes it one of the cleanest windows to switch lenders if it makes financial sense.
When to Start the Conversation
We recommend starting the conversation about your fixed rate expiry at least 90 days before the end date. That gives enough time to assess the market properly, work through any application requirements and complete a refinance before the revert rate kicks in. Leaving it until the last moment limits your options and can mean spending weeks on an unfavourable rate while paperwork catches up.
If your fixed rate is expiring in the next few months, book a free consultation with the TAP team now. We will assess what your current lender is offering, compare it against the market, and give you a straight answer on whether switching makes sense. We also assist with home loans and investment loans more broadly if your circumstances have changed since you first took out your loan.
TF
Toni Foster
Cass is super lovely to deal with! Great communication and able to workshop ideas that were best for us! Would recommend Cass to those needing a mortgage broker going forward!
DL
Daniel Lingard
Troy was Awesome in assisting with my Home Loan, he done all the hard work and made the paperwork easy for me, I highly recommended the TAP Team
TC
Taylor Christies | Toowoomba
I Absolutely recommend Troy, the service he provides during the process of buying a home is unbeatable. Thanks Troy.
A mortgage broker will recommend a product based on what you say is most important to you – for example, “pay my loan off quickly” or “guaranteed repayments” or “low cost”. We do however, live by the following; “if you want flexibility take a variable rate loan, if you want budget certainty, take a fixed rate loan, if you want both, then do a split loan.”
Lenders will only sell you their own products. Each bank (or lender) has a variety of loan products on offer – low doc, package loans, loans with re-draw facilities, plant and equipment loans, fixed rate loans, interest only, interested in advance, variable, introductory variable… and so on. The issue you face as a consumer is ‘which loan is right for me?’ And that is where your mortgage broker becomes an invaluable resource!
If you go direct to the bank, you will only be offered the loan options available through that one lender. As your mortgage broker, we do all the leg work to find the right loan for your needs. We are across many lenders and all of their loan products, and our sole purpose is to find a suitable loan to match your personal financial circumstances and goals.
We are Connective Brokers and we have access to many lenders. This means we can source you a loan from different lenders to provide you with a variety of options that are suitable for you and your situation.
There are specific factors that need to be considered when determining how much a customer can borrow, such as income, employment position, the deposit saved, current living expenses and any liabilities. Our borrowing calculator can give you a rough idea of how much you may be able to borrow. For a more accurate assessment, please give us a call and we can go into your options and discuss your circumstances in more detail.
Mortgage brokers do not set rates. The Reserve Bank of Australia meet on the first Tuesday of every month to determine the official cash rate for the country. The lenders then use this information to set their own rates. Lenders also adjust their rates according to their costs and other economic considerations.
Some brokers charge a fee for their service which they must disclose to you up-front before you engage their services. However, the costs of the loan are the same. These costs depend on the loan and lender you choose. If you want to save on loan costs, just tell us. We can locate loan products from the lenders with the lowest fees and charges.
Mortgage brokers are qualified finance industry professionals. They work with you to determine your borrowing needs and objectives, and to help you determine how much you can borrow. Brokers help to ensure that you don’t take out a loan that is not right for you. Like your solicitor, accountant or financial planner, we are specialists in what we do and will provide you with a suitable finance solution to help you achieve your goals. With a mortgage broker, you can expect a more personalised level of service than you would usually receive directly from a lender.
Additionally, our brokers have access to finance products from a wide variety of lenders. This means your broker can compare lending products from different lenders to find a loan that’s just right for you.
Some mortgage brokers charge a fee for their services and some don’t. When you take out a loan via a mortgage broker, it does not cost you more in loan repayments. Brokers get paid a commission by the lender for bringing new business to them, but this does not impact your interest rate. Some brokers charge a fee for their service. They must disclose this fee upfront to you so that you know what it will cost if you engage their services.
Absolutely not. First of all, there is very little difference between the commissions paid by the various lenders. There is also legislation in our industry called the National Consumer Credit Protection Act (or NCCP), that is designed to protect consumers and ensure ethical and professional standards in the finance industry. We tell you upfront what commission we will be getting from the lender. Our job, our only job, is to find a competitive loan for your needs and objectives.
Sure thing! We are mobile brokers so we can come to you.
The primary advantage of using a broker for financing large purchases beyond property is the ability to secure finance tailored to your specific financial circumstances and needs. For depreciating assets, the right financing can potentially save you money on interest and fees or help maximise your tax benefits.
Not sure what type of loan suits your current financial situation? That’s where we come in. We provide customised finance solutions selected from a panel of leading lenders, ensuring your loan is working in your best interest. Contact us today to discover how we can assist you.
The Trustee for QLD Mortgage and Finance Trust ABN: 75 374 008 331. Credit Representative #465891 is authorised under Australian Credit License #389328.
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
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