Loan review

What to check before a fixed rate ends

Use this if your fixed rate is ending soon and you are weighing variable, refix, split or refinance options.

Updated: 15 June 2026
Read time: 7 min read
Reviewed by: emoney broker team

Reviewed for general guidance. Reviewed by emoney broker team. Last updated 15 June 2026. Sources are listed below so borrowers can check the public references behind this general information before speaking with a broker.

Key checks before you decide

Confirm the fixed-rate end date and the lender's expected revert rate.
Ask whether retention pricing or a refix offer is available.
Check whether your income, expenses, credit limits, or property plans have changed.
Prepare current-loan, income, and property details before the expiry month.
Compare the current repayment with the expected repayment after expiry.
Check whether offset, redraw, package fees, or extra repayment rules change.

Full guide

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Checklist

Start about 90 days before expiry

A fixed-rate review is easier when it starts before the loan rolls over. That gives time to ask the lender about the revert rate, check repayments, gather documents, and compare whether staying, repricing, refixing, splitting, or refinancing is worth a closer look.

The useful window is not only about finding a lower rate. It is about giving yourself time to understand the rollover, ask your current lender what they can offer, and check whether a different loan structure would fit the next stage of your life better.

If you wait until the expiry month, the decision can become reactive. A borrower may accept a revert rate simply because the paperwork feels too hard, or rush into a refinance before checking break costs, valuation, documents, and whether the loan term has been reset.

Planning early also gives the broker room to compare the current lender's retention offer with refinance options without turning the review into a last-minute application. That is especially useful if income, expenses, credit limits, or property plans have changed since the loan was first set up.

Confirm the fixed-rate end date and the lender's expected revert rate.
Ask whether retention pricing or a refix offer is available.
Check whether your income, expenses, credit limits, or property plans have changed.
Prepare current-loan, income, and property details before the expiry month.

Guide

Work out the repayment after rollover

When the fixed period ends, the loan commonly moves to a variable or revert rate unless you choose another path. The new repayment can be very different from the fixed repayment, so estimate the change before it lands in the account.

Ask for current lender figures rather than relying only on generic advertised rates. The rate you move to can depend on the lender, package, product, discount, loan-to-value ratio, and whether the lender has a retention offer available.

Also check what changes with the features. Some borrowers come off a fixed period wanting more offset access, extra repayment flexibility, redraw access, or a split-loan structure. The review should compare repayment comfort and loan features together.

Compare the current repayment with the expected repayment after expiry.
Check whether offset, redraw, package fees, or extra repayment rules change.
Use current lender figures where possible, not only advertised rates.
Leave room for rates to move again after the loan becomes variable.

Checklist

Compare the main paths before deciding

Most fixed-expiry decisions come back to a small set of pathways. None is automatically right. The better review compares cost, certainty, flexibility, lender policy, and how long you expect to keep the loan or property.

The choice is not simply fixed or refinance. Some borrowers stay variable after negotiating the current lender down. Others refix because certainty matters more than flexibility. Some split the loan to keep part of the repayment stable while leaving part open to offset or extra repayments.

A broker-led review should make those trade-offs visible. The right pathway for a borrower planning to sell in 12 months may be different from the pathway for someone renovating, consolidating debts, or wanting repayment certainty for the next few years.

It can help to compare each path against one question: what flexibility would I give up, and what certainty or cost improvement would I gain? That keeps the decision grounded in the borrower's plans rather than rate headlines alone.

Let the loan roll to variable if the rate and features still fit.
Ask the current lender for a sharper rate before moving.
Refix if repayment certainty matters and the conditions suit your plans.
Split the loan if you want a mix of certainty and flexibility.
Review refinance options if the likely benefit outweighs costs and timing.

Watch out

Check costs before switching

Refinancing near a fixed-rate expiry can still involve costs. Break costs may apply if you leave before the fixed period ends, and a new loan can add application, valuation, settlement, discharge, package, or government charges.

The timing matters. Leaving before the fixed period ends can be different from moving after expiry, and a break-cost quote can change. Ask for the current estimate, the expiry date, and the lender process before signing anything.

Short-term incentives also need context. A cashback, fee waiver, or sharper starting rate may look useful, but the full review should still compare the ongoing rate, features, switching costs, LMI risk, and the term you would be taking into the new loan.

Ask for break-cost information before changing early.
Compare discharge, application, settlement, valuation, and package fees.
Check whether lender's mortgage insurance could apply at the new loan-to-value ratio.
Watch for a longer loan term that lowers the repayment but increases total interest.

Broker note

Prepare documents before the deadline

A refinance or lender switch still needs document review. If your income, employment, business trading, credit conduct, or property situation has changed since the original loan, document timing can matter as much as the rate comparison.

This is where fixed-expiry planning becomes practical. A borrower who prepares current loan statements, income evidence, debts, and property details early can usually have a cleaner conversation about whether a refinance is realistic before the fixed period ends.

If your situation has become more complex since the loan was first approved, raise it early. A new job, changed business income, increased debts, new dependants, investment property, or separation can affect assessment and may change whether it is better to reprice, refix, or wait.

Recent income evidence for each borrower.
Current mortgage statements and repayment details.
Bank statements, liabilities, and credit-card limits where requested.
Property, rental, insurance, or strata details where relevant.

Next step

Want a broker to check this against your situation?

Answer a few questions so emoney can route your enquiry to the right broker conversation.Request a fixed-rate expiry review

Example

Use calculators to test repayment shock

A repayment calculator can show the difference between the fixed repayment and the likely variable repayment. A refinance savings calculator can then test whether switch costs are likely to be recovered within a useful timeframe.

Use the calculator to frame the next question, not to decide the loan. Test the current fixed repayment, the likely revert repayment, and one or two realistic alternatives so the broker conversation starts with numbers rather than guesswork.

If the new repayment looks uncomfortable, the review should move beyond rate comparison. It may need to consider budgeting, repayment frequency, loan term, fixed and variable split, or whether the borrower should speak with the lender early about hardship options if repayment stress is already present.

Run the repayment at the expected revert rate.
Run a second scenario with a higher rate to check comfort.
Compare estimated savings against total switching costs.
Ask a broker to check lender policy before relying on the estimate.

Broker note

Bring one clear review question

A fixed-expiry conversation works better when you know what needs solving first. The question might be repayment comfort, certainty, offset access, debt consolidation, renovations, or simply whether the current lender is still competitive.

The clearer the question, the more useful the review becomes. Instead of asking for every possible rate, start with the outcome you need: more certainty, lower repayment pressure, more flexibility, equity access, or confidence that the current lender is still reasonable.

That question also protects the borrower from a rushed decision. The review can then compare a small set of pathways and rule out options that do not match the goal, timing, documents, or costs.

What will my repayment become after the fixed rate ends?
Could my current lender reprice or refix this loan sensibly?
Would a split loan improve flexibility without losing too much certainty?
Would refinancing still be worth it after costs, timing, and documents?

Calculator next step

Refinance savings calculator

Compare the current loan with a new-rate scenario and see whether switching costs may be recovered.

Best for: Deciding whether a refinance is worth a broker review before starting lender work.
What it calculates: Current repayment, new repayment, estimated switching costs, monthly difference, and rough break-even.

A broker still needs to check discharge costs, valuation, features, cashback rules, income, documents, and lender policy.

Open Refinance savings

Sources used

officialASIC MoneySmart choosing a home loan officialASIC MoneySmart switching home loans officialASIC MoneySmart mortgage switching calculator officialASIC MoneySmart using a mortgage broker officialReserve Bank of Australia cash rate target

General information only

This guide is general information and does not take into account your objectives, financial situation, or needs. A broker can review your circumstances before any recommendation.