The short answer
What should I do when my fixed-rate mortgage is about to expire?
Check the expiry date and your current bank's offer, then review whether the loan structure still matches your plans. Ask your bank for its best rate and any retention contribution. If the total package looks weak, compare a refinance in time to arrange an application and settlement before committing to another fixed term.
Start with your existing loan
Write down each fixed split's balance, expiry date, repayment and rate offer. Check any offset or revolving credit facility, your remaining loan term and when a previous cash contribution's repayment period ends.
Think about upcoming changes: buying or selling property, parental leave, business income, renovations or a need for flexible repayments. A fixed term that suited you last year may be awkward if your plans have changed.
Ask for the full retention offer
Your bank's first online rate is a starting point. Ask what rate and, where available, cash contribution it can offer to keep your lending. Record the terms and whether taking a new contribution affects future flexibility.
If you might switch, seek an assessment of affordability and the property before relying on another bank's advertised rates. A refinance usually requires a new application and legal work.
Make the timing deliberate
Allow time for document gathering, lender assessment and a solicitor or conveyancer if moving. If the fixed period ends before you act, check what rate the loan moves to and whether you can negotiate a short-term arrangement; the applicable terms are lender-specific.
For your own situation
What to have ready
- Expiry dates for every loan split
- Current bank's final rate and contribution
- Cashback repayment expiry
- Income or property changes since last approval
- Time needed for another lender's assessment
Explore the detail
Independent tools and reading
Talk through the numbers
Get a clear next step.
Nathan can review your lending position and the options relevant to you. Start with the question you are trying to answer; there is no need to send sensitive documents through the public enquiry form.
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General information only. Rates, policies and eligibility can change. Personal advice depends on your circumstances and the terms actually available.