Well Brian, the good news is, you’re not alone.

In fact, there are a bunch of Aussies in the same boat as you (it’s a jam-packed ship, actually). 

First off... congrats for locking in a low fixed rate when you could! Doing so potentially saved you some decent coin over the last couple of years.

But once your rate expires? Your repayments will likely increase. Potentially quite a lot.

Depending on your curcumstances, they may rise up to 60%.

That’s a quite the spike – and not something you should be ignoring (although your lender might like you to).

So, what actually happens when your fixed rate ends?

Well, your lender will most likely roll you onto a higher variable rate (which may not be their most competitive on offer, by the way).

In short, your options are:

1. Do nothing and risk paying more than you need to

OR

2. Do something and save.

Assuming you’ve chosen option 2...

The first step is to know what your new rate and repayments will look like.

Check out our Fixed Rate Ending Calculator to see what you could potentially be up for when you roll off your fixed rate, PLUS what you could potentially save by taking action.

Once you’ve done that, your best bet is to line up a chat with a home loan expert. They’ll help you review your options (beyond just your current lender) and map out your next move.

Depending on your situation, that could involve switching lenders (and taking advantage of a great cashback and/or low rate offer) or negotiating a better rate with your current lender – every case is unique.

Ideally, aim to start the conversation with an expert 3 months before your fixed rate ends (or asap if it’s already expired) – but the more time, the better.

Go you for planning ahead, Brian!

All the best,

Ryan Govender
Finspo Home Loan Expert