Loan review

What to check before a fixed rate ends

Compare the revert rate, repayments, features and costs before choosing a variable, refix, split or refinance path.

Updated: 29 July 2026
Read time: 7 min read
Reviewed by: emoney broker team

Key checks before you decide

Reviewed by emoney broker team. Updated 29 July 2026. Sources are listed below.

Confirm the fixed end date, likely revert rate, and expected repayment before the expiry month.
Compare refixing, rolling variable, splitting, repricing, and refinancing against your next property plans.
Ask for break-cost, discharge, valuation, settlement, and package-fee details before switching early.
Prepare current income, loan, property, and debt information before the deadline.

In this guide7 sections

Review the loan about 90 days before expiry Work out the repayment after rollover Compare the main paths before deciding Check costs before switching Prepare documents before the deadline Use calculators to test repayment shock Bring one clear review question

Review the loan about 90 days before expiry

A fixed-rate review is easier when it starts before the loan rolls over. That gives time to ask the lender about the revert rate, check repayments, gather documents, and compare whether staying, repricing, refixing, splitting, or refinancing is worth a closer look.

The preparation window gives you time to understand the rollover, ask your current lender what they can offer and check whether a different loan structure would fit the next stage of your life. A lower rate is only one part of that review.

If you wait until the expiry month, the decision can become reactive. A borrower may accept a revert rate simply because the paperwork feels too hard, or rush into a refinance before checking break costs, valuation, documents, and whether the loan term has been reset.

Planning early also gives the broker room to compare the current lender's retention offer with refinance options without turning the review into a last-minute application. That is especially useful if income, expenses, credit limits, or property plans have changed since the loan was first set up.

Confirm the fixed-rate end date and the lender's expected revert rate.
Ask whether retention pricing or a refix offer is available.
Check whether your income, expenses, credit limits, or property plans have changed.
Prepare current-loan, income, and property details before the expiry month.

Work out the repayment after rollover

When the fixed period ends, the loan commonly moves to a variable or revert rate unless you choose another path. The new repayment can be very different from the fixed repayment, so estimate the change before it lands in the account.

Ask for current lender figures rather than relying only on generic advertised rates. The rate you move to can depend on the lender, package, product, discount, loan-to-value ratio, and whether the lender has a retention offer available.

Also check what changes with the features. Some borrowers come off a fixed period wanting more offset access, extra repayment flexibility, redraw access, or a split-loan structure. The review should compare repayment comfort and loan features together.

Compare the current repayment with the expected repayment after expiry.
Check whether offset, redraw, package fees, or extra repayment rules change.
Use current lender figures wherever possible alongside advertised rates.
Leave room for rates to move again after the loan becomes variable.

Compare the main paths before deciding

Most fixed-expiry decisions come back to a small set of options. None is automatically right. The better review compares cost, certainty, flexibility, lender policy, and how long you expect to keep the loan or property.

The choices extend beyond fixing or refinancing. Some borrowers stay variable after negotiating with the current lender. Others refix for certainty or split the loan to keep part stable and part open to offset or extra repayments.

A broker-led review should make those trade-offs visible. The best choice for a borrower planning to sell in 12 months may differ from the choice for someone renovating, consolidating debts, or wanting repayment certainty for the next few years.

It can help to compare each path against one question: what flexibility would I give up, and what certainty or cost improvement would I gain? That keeps the decision grounded in the borrower's plans rather than rate headlines alone.

Let the loan roll to variable if the rate and features still fit.
Ask the current lender for a sharper rate before moving.
Refix if repayment certainty matters and the conditions suit your plans.
Split the loan if you want a mix of certainty and flexibility.
Review refinance options if the likely benefit outweighs costs and timing.

Watch out

Check costs before switching

Refinancing near a fixed-rate expiry can still involve costs. Break costs may apply if you leave before the fixed period ends, and a new loan can add application, valuation, settlement, discharge, package, or government charges.

The timing matters. Leaving before the fixed period ends can be different from moving after expiry, and a break-cost quote can change. Ask for the current estimate, the expiry date, and the lender process before signing anything.

Short-term incentives also need context. A cashback, fee waiver, or sharper starting rate may look useful, but the full review should still compare the ongoing rate, features, switching costs, LMI risk, and the term you would be taking into the new loan.

Ask for break-cost information before changing early.
Compare discharge, application, settlement, valuation, and package fees.
Check whether lender's mortgage insurance could apply at the new loan-to-value ratio.
Watch for a longer loan term that lowers the repayment but increases total interest.

Broker note

Prepare documents before the deadline

A refinance or lender switch still needs document review. If your income, employment, business trading, credit conduct, or property situation has changed since the original loan, document timing can matter as much as the rate comparison.

Fixed-expiry planning becomes practical once current loan statements, income evidence, debts and property details are ready. The borrower can then test whether refinancing is realistic before the fixed period ends. Check any lender expiry notice against the loan contract and current account details, especially the revert rate, repayment date and features that will change. Keep the notice with the review notes.

If your situation has become more complex since the loan was first approved, raise it early. A new job, changed business income, increased debts, new dependants, investment property, or separation can affect assessment and may change whether it is better to reprice, refix, or wait.

Recent income evidence for each borrower.
Current mortgage statements and repayment details.
Bank statements, liabilities, and credit-card limits where requested.
Property, rental, insurance, or strata details where relevant.

Next step

Want a broker to check this against your situation?

Share the loan goal, timing and a few key details. An emoney broker can then pick up the enquiry with the relevant context.Request a fixed-rate expiry review

Example

Use calculators to test repayment shock

Compare the current fixed repayment with the likely variable repayment, then estimate how long it would take to recover any switching costs.

Use the calculator to frame the next question, not to decide the loan. Test the current fixed repayment, the likely revert repayment, and one or two realistic alternatives so the broker conversation starts with numbers rather than guesswork.

If the new repayment looks uncomfortable, the review should move beyond rate comparison. It may need to consider budgeting, repayment frequency, loan term, fixed and variable split, or whether the borrower should speak with the lender early about hardship options if repayment stress is already present.

Run the repayment at the expected revert rate.
Run a second scenario with a higher rate to check comfort.
Compare estimated savings against total switching costs.
Ask a broker to check lender policy before relying on the estimate.

Broker note

Bring one clear review question

A fixed-expiry conversation works better when you know what needs solving first. The question might be repayment comfort, certainty, offset access, debt restructuring, renovations, or simply whether the current lender is still competitive.

The clearer the question, the more useful the review becomes. State the outcome you need, such as more certainty, lower repayment pressure, greater flexibility, equity access or confidence that the current lender remains competitive.

That question also protects the borrower from a rushed decision. The review can then compare a short list and rule out options that do not match the goal, timing, documents, or costs.

What will my repayment become after the fixed rate ends?
Could my current lender reprice or refix this loan sensibly?
Would a split loan improve flexibility without losing too much certainty?
Would refinancing still be worth it after costs, timing, and documents?

Calculator next step

Refinance savings calculator

Compare the current loan with a new-rate scenario and see whether switching costs may be recovered.

Best for: Deciding whether a refinance is worth a broker review before starting lender work.
What it calculates: Current repayment, new repayment, estimated switching costs, monthly difference, and rough break-even.

A broker still needs to check discharge costs, valuation, features, cashback rules, income, documents, and lender policy.

Open Refinance savings

Sources used

ASIC MoneySmart choosing a home loan
ASIC MoneySmartofficial sourceChecked 29 July 2026
ASIC MoneySmart switching home loans
ASIC MoneySmartofficial sourceChecked 29 July 2026
ASIC MoneySmart mortgage switching calculator
ASIC MoneySmartofficial sourceChecked 29 July 2026
ASIC MoneySmart using a mortgage broker
ASIC MoneySmartofficial sourceChecked 29 July 2026
Reserve Bank of Australia cash rate target
Reserve Bank of Australiaofficial sourceChecked 29 July 2026

General information only

This guide is general information and does not take into account your objectives, financial situation, or needs. A broker can review your circumstances before any recommendation.

Next step

Want a broker to check what applies to you?

Share the goal, timing and current loan context in Quick Check so the broker knows what needs reviewing.

Request a fixed-rate expiry review View related service