When your fixed rate ends.

1. What happens when your fixed rate ends

A few weeks before your fixed term ends, your lender usually sends you new rate options. If you do nothing, your loan may move to the floating rate, which is often higher than fixed rates.

2. Your options

• Refix with your current lender. Often the simplest option, and there may be room to negotiate the rate.
• Float some or all of your loan. More flexible, but usually a higher rate.
• Split your loan. Fix different parts for different terms, to spread your interest rate risk.
• Move to another lender. Worth considering if another lender offers a better overall deal.

3. Things to check before you move

• Cash contributions. If your current lender paid you a cash contribution, you may need to repay part of it if you leave within a set period. Check your loan documents.
• Break fees. These usually only apply if you leave during a fixed term, not at the end of it. Check with your current lender.
• Valuation. A new lender may require a registered valuation, which has a cost.

4. Review your loan structure

It's also a good time to look at the bigger picture:

• Could you pay a little more each week to pay the loan off sooner?
• Would an offset or revolving credit account help?
• Has your situation changed, such as a new job, a pay rise or a growing family?

5. How we help

You can call us, or we'll get in touch before your fixed rate ends. We compare your lender's offer with the wider market and help you choose the option that suits you, at no cost for most home loans.