What are your options when a fixed rate term ends?

Your fixed rate is ending, so, what now? Learn your options, from rolling onto a variable rate to refinancing. Simple, smart info to help you decide what’s next.

If your fixed rate term is coming to an end, it might be a good time to start looking at your options. Here are three options you could explore.

Stay with your current lender

Staying with your current lender is perhaps the easiest option. However, with interest rates rising significantly over recent months and many lenders not offering their most competitive rates to existing customers, this could prove to be an expensive option.

Refinance to a competitive variable rate

Refinancing to a variable interest rate home loan from a competitive lender, like Unloan, means that whilst your interest rate is likely to be higher than your existing fixed rate, you're with a low rate home loan, where you'll receive a discount to your home loan rate every year over the life of a 30-year home loan.

Learn more about why a variable rate home loan could be right for you.

Look for another fixed rate

Another option to refinance your loan with a new fixed rate loan, or re-fix with your existing lender. Most lenders currently advertise higher interest rates on fixed rate home loans than their variable rate home loans, so this may prove to be a more expensive option over the short term.  However, it would provide the certainty of set monthly repayments that won’t change in the near future.

When deciding what to do when your fixed rate home loan ends, it's important to carefully consider your options and choose the one that best fits your financial situation and goals. Don't be afraid to shop around and negotiate with lenders to get the best possible terms on your loan. With a little research and effort, you can find a loan that suits you and could potentially save money.

Explore our six step guide to refinancing and discover the benefits of switching to Unloan.  

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Calculations are not a loan approval. Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Full terms and conditions will be set out in our loan offer, if an offer is made.

^Rates shown are inclusive of a 0.01% p.a. discount off our reference rate. On each anniversary of your loan’s settlement date, you will receive an additional discount of 0.01% per annum, up to a maximum discount of 0.30% per annum. For purchase loans with a Loan to Value Ratio (LVR) between 80.01% - 90% LVR, a lenders mortgage insurance (LMI) premium and higher interest rate apply. In some cases depending on the property’s location or type, LMI may also be required for LVR between 70.01% and 80%.

*Comparison rate is calculated on a $150,000 secured loan over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.