Fixed Rate Expiring Soon? What to Do When Your Fixed Term Ends

When your fixed rate period ends, your loan automatically rolls onto your lender's standard variable rate — also called the revert rate — at the end of that day. This happens unless you have arranged an alternative beforehand, such as re-fixing, switching to a different variable product with your lender or refinancing to a new lender. The revert rate is often not the most competitive rate your lender offers.

Most Australian lenders contact customers 30 to 45 days before the fixed rate end date. Some, including major banks, provide 45 to 60 days notice. This lead time is typically not enough to properly compare and arrange a refinance to a new lender, which takes four to six weeks. Starting your review three months before expiry is a more practical timeline.

Yes, and this is the ideal approach. There are no break costs once your fixed term has ended, so settling the refinance on the day of expiry means zero break cost exposure. Some specialists can submit the application up to 90 days before expiry and schedule settlement to coincide with the rollover date.

It depends on your rate outlook and the rate your lender is offering. In 2026, with the cash rate at 4.35% and further movements uncertain, re-fixing provides repayment certainty but may mean missing future rate cuts. Short-term fixed rates of one to two years are more flexible than locking in for three to five years. Compare your lender's offered fixed rate against the market before re-fixing. See our when to refinance guide for timing considerations.

Yes. Many lenders will offer a better rate than the automatic revert rate if you ask. Contacting your lender two to three months before expiry and asking specifically for a retention discount or their best available variable rate often results in a better outcome. Having a competing offer from another lender strengthens your negotiating position.

A split loan divides your mortgage into a fixed portion and a variable portion. At expiry, splitting can give you repayment certainty on part of your debt while maintaining flexibility on the rest. This is useful if you are uncertain about the rate outlook. Whether it is appropriate depends on your loan size, budget and financial goals.

No. Once you are on a variable rate, there are no break costs and you can refinance or renegotiate at any time. The revert rate is simply a starting point, not a permanent outcome. If you are already on the revert rate and have not reviewed your options, now is a good time to compare the market.

The documents are the same as for any refinance — recent payslips or tax returns, bank statements, your current loan statement, a rates notice and identification. See our refinance approval process guide for the full list and what to prepare before applying.