What happens on the expiry date
When a fixed period ends, most loans roll onto the lender's standard variable rate, often called the revert rate. It's frequently higher than what the same lender offers new customers.
Your repayment amount changes automatically, so the first sign many people notice is a bigger direct debit.
Start the review two to three months early
Switching lenders takes several weeks. Starting early means you can move straight onto a better loan without paying the revert rate in between, and you avoid fixed-rate break costs by timing the switch for the expiry date.
Ask your lender first
Sometimes the simplest win is a rate discount from your current lender. A broker can make that request with market comparisons in hand. If the answer isn't competitive, refinancing is the next step.
Compare the full cost
Look beyond the rate: discharge fees, application fees, valuation, government registration fees and any cashback. Also compare features such as offset accounts, which can save more than a small rate difference.
Use our refinance calculator and refinancing checklist to compare your options.
Your options at expiry
| Option | Good for | Watch out for |
|---|---|---|
| Stay and do nothing | No effort | Usually the most expensive: the revert rate |
| Ask for a rate review | Quick win, no switching costs | Lender may not match the market |
| Re-fix with your lender | Certainty for another term | Check the new fixed rate against the market |
| Refinance | Best rate and features | Switching costs; LMI above 80% LVR |
A 90-day timeline
- 90 days out: check your expiry date, current balance and property value.
- 60 days out: get a comparison and ask your current lender for its best offer.
- 45 days out: if switching, apply so settlement lands on or just after expiry.
- Expiry: confirm the new rate or new loan is in place and repayments are correct.
Not sure whether to fix again? Read fixed vs variable vs split, then try the refinance calculator.
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