Fixed Rate Expiry Refinancing Australia 2026

When your fixed rate period ends, your loan automatically rolls onto your lender's standard variable rate (SVR). This rate is often higher than the fixed rate you were paying. You will not be contacted automatically by most lenders to offer a better deal. It is your responsibility to review and act before or at expiry to avoid paying more than you need to.

Most finance professionals suggest starting your review 3 to 6 months before your fixed rate expires. This gives you enough time to compare rates, organise documents, apply if switching lenders and settle before the expiry date. Waiting until after expiry means you may pay the standard variable rate for several weeks or months while you arrange a better deal.

Yes, refinancing or switching before your fixed rate expires can trigger a break cost, also called an early repayment adjustment. The amount depends on your lender, the loan balance, the remaining fixed term and current wholesale interest rates. Break costs can be significant and may outweigh the benefit of switching early. Always ask your lender for a break cost estimate before proceeding.

The standard variable rate (SVR) is the default rate a lender applies when a fixed term ends and no new rate is arranged. SVRs are typically higher than the best variable rates available in the market and well above what you may have been paying on your fixed rate. Rolling onto the SVR without reviewing your options is one of the most common ways Australian borrowers pay more on their mortgage than they need to.

Whether to re-fix or move to a variable rate depends on your financial goals, rate outlook and loan features needed. Re-fixing provides repayment certainty but limits flexibility. A variable rate with offset account access can save interest and allow extra repayments. Many borrowers consider a split loan structure, fixing part of the loan and leaving part variable. A finance specialist can help you compare the options based on your situation.

Yes. Fixed rate expiry is one of the most common and practical times to refinance to a new lender. At expiry there are no break costs, you are free to move, and lenders typically need to assess your current income, property value, loan balance and credit position. A cleaner application and enough equity generally makes this process straightforward for most borrowers.

Typical documents for a refinance at fixed rate expiry include recent payslips or income evidence, two years of tax returns if self-employed, bank statements, a current mortgage statement showing the balance, identification documents and details of any other debts. The required documents depend on the lender and your employment type. Self-employed borrowers may need BAS statements or an accountant's declaration.

If your property value has fallen, your LVR may be higher than when you originally fixed. A higher LVR can limit your refinancing options, may trigger lender's mortgage insurance and could reduce the number of lenders willing to offer competitive rates. In this situation it may be worth speaking with your current lender first about rate options, while also comparing what other lenders will consider.