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Fixed Rate Cliff 2024–2026 | 30+ Lender Options

Your Fixed Rate Is Ending Soon — Here's How to Prepare

Thousands of Australians who locked in low fixed rates during 2020–2022 are now facing rates more than double what they've been paying. You have options — and planning ahead makes all the difference.

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Understanding the Impact

The Fixed Rate Cliff — Why It Matters

Between 2020 and 2022, hundreds of thousands of Australian borrowers locked in historically low fixed rates between 1.89% and 2.99%. Those terms are now expiring, and borrowers are rolling onto variable rates of 6%+.

1.89–2.99%

Typical fixed rates locked in during 2020–2022

6%+

Standard variable rates borrowers may face at expiry

~$1,300/mo

Potential repayment increase on a $600K mortgage*

90 Days

Some lenders allow rate lock before expiry

Disclaimer: *Example only for illustrative purposes. A $600,000 mortgage moving from approximately 2.49% to 6.44% could see repayments increase from approximately $2,500/month to $3,800/month. Actual repayments depend on your loan amount, interest rate, loan term, and other factors. Rates are indicative only and change daily.
Your Options

Your Options When Fixed Rate Expires

You don't have to simply accept your lender's standard variable rate. Here are six strategies worth exploring with the help of a qualified broker.

1

Refix With Your Current Lender

Lock in a new fixed rate for another 1–5 year term. Provides certainty on repayments, but check competitiveness — your lender's offer may not be the most suitable in the market.

2

Switch to Variable Rate

Gain flexibility with extra repayments, redraw, and offset account access. Your rate moves with the market — potentially beneficial if rates begin to ease.

3

Split Loan Strategy

Fix a portion of your loan for repayment certainty and keep the rest on a variable rate for flexibility. A popular strategy for managing rate risk.

4

Refinance to a New Lender

Compare rates across 30+ lenders to find a potentially lower rate, better features, or cashback offers. Often the most effective way to improve your position.

5

Negotiate a Retention Rate

Banks often have discretionary pricing for customers who are considering leaving. Your broker can negotiate on your behalf to secure a more competitive rate.

6

Break Your Fixed Rate Early

If the potential savings justify the break costs, it may be worth exploring an early exit. A break cost analysis can determine whether this option makes sense for you.

Our Process

How Finance Hub Navigates Your Transition

Our structured approach ensures you're prepared well before your fixed rate expires, with a clear plan tailored to your situation.

1

Pre-Expiry Planning (3–6 Months Before)

We review your current loan structure, identify your fixed rate expiry date, and assess your financial goals. This early start gives you the most options and bargaining power.

2

Full Market Comparison (30+ Lenders)

We compare refix rates, variable rates, split loan options, and cashback offers across our panel of 30+ lenders to identify the most suitable options for your circumstances.

3

Current Lender Negotiation

Before you switch, we negotiate retention rates with your existing lender. Banks often have discretionary pricing they only offer when they risk losing a customer.

4

Split Loan Modelling

We model different fixed/variable split scenarios to show you the repayment impact under various rate environments, helping you make a confident, informed decision.

5

Break Cost Analysis (If Applicable)

If you're considering breaking your fixed rate early, we request break cost estimates from your lender and analyse whether the potential savings justify the fee.

Illustrative Example

What Fixed Rate Expiry Looks Like in Practice

The following example illustrates the typical impact when a fixed rate expires. This is for illustrative purposes only and does not represent a specific offer.

Scenario Interest Rate Monthly Repayment*
Original Fixed Rate (2020–2022) 2.49% ~$2,500
Current Lender Standard Variable 6.44% ~$3,800
Competitive Market Rate (via Broker) ~5.99% ~$3,600
Potential Monthly Difference ~$1,300 increase from original rate
Disclaimer: This is an illustrative example only based on a $600,000 loan over 30 years. Rates shown are indicative and change daily. Actual repayments depend on your loan amount, interest rate, loan term, and individual circumstances. This does not constitute financial advice.
Why Finance Hub

Why Borrowers Choose Finance Hub

Our specialist fixed rate expiry service is designed to help you transition smoothly, with expert guidance at every step — at no cost to you.

Pre-Expiry Rate Lock

We identify lenders who allow you to lock in a new rate up to 90 days before your fixed term expires, protecting you from further rate increases.

Split Loan Modelling

Detailed modelling of different fixed/variable splits so you can see the real impact on repayments under various scenarios.

Retention Rate Negotiation

We negotiate directly with your current lender for their most competitive retention pricing before recommending a switch.

Break Cost Calculator

If breaking early makes sense, we obtain break cost estimates and analyse whether the numbers work in your favour.

Ongoing Rate Monitoring

Through our Financial Passport program, we continue to monitor your rate and alert you if a more suitable option becomes available.

Bilingual Consultation

Speak with our team in English or Vietnamese. We ensure you fully understand your options before making any decisions.

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FAQs

Frequently Asked Questions

Common questions about fixed rate expiry, your options, and how a broker can help.

When should I start planning for my fixed rate expiry?
Ideally 3–6 months before your fixed rate ends. This gives your broker enough time to compare rates across 30+ lenders, negotiate retention offers with your current lender, and arrange a seamless transition — whether you refix, switch to variable, split your loan, or refinance entirely. The earlier you start, the more options you'll have.
What happens if I do nothing when my fixed rate expires?
Your lender will typically roll you onto their standard variable rate, which is rarely the most competitive option available. This can result in a significant increase in your monthly repayments. By reviewing your options before expiry, you can avoid unnecessary costs and choose a structure that works for your situation.
Can I refix my home loan?
Yes, most lenders offer refixing options for 1–5 year terms. However, the new fixed rate will reflect current market conditions and may be significantly higher than what you originally locked in. A broker can compare refix rates across multiple lenders to find the most suitable option for your situation.
Should I split my loan between fixed and variable?
A split loan can offer the advantages of both certainty (fixed portion) and flexibility (variable portion with offset and extra repayments). It's a popular strategy for borrowers who want some rate protection while maintaining the ability to make additional payments. Your broker can model different split scenarios to find the right balance for your financial goals.
What are break costs on a fixed rate home loan?
Break costs are fees charged if you exit a fixed rate loan before the term ends. They can range from a few hundred dollars to tens of thousands, depending on the remaining term, your loan balance, and the current interest rate environment. Your broker can request a break cost estimate from your lender so you can make an informed decision about whether breaking early is worthwhile.
Can I refinance when my fixed rate expires?
Yes, refinancing to a new lender is often the most effective option when your fixed rate expires. A broker can compare offers from 30+ lenders to find potentially lower rates, cashback offers, and features that suit your needs. There are generally no break costs when refinancing after your fixed term has ended.
Does using a mortgage broker cost me anything?
There is no fee charged to you — we are paid a commission by the lender when your loan settles. This means you get access to expert advice, a full market comparison, and ongoing support at no direct cost to you.
How long does refinancing take?
Typically 2–4 weeks from application to settlement, depending on the lender and the complexity of your situation. Starting the process early — ideally 3–6 months before expiry — gives you the most flexibility and ensures a smooth, stress-free transition.

Get Your Obligation-Free Fixed Rate Expiry Review

Tell us about your situation and we'll get back to you with a personalised comparison — no obligation, no cost.

Thank You!

Your enquiry has been received. One of our brokers will review your details and contact you within 1 business day to discuss your fixed rate expiry options.

This information is general in nature and does not constitute financial advice. Please consult a qualified professional for advice tailored to your circumstances. Finance Hub & Networks Pty Ltd | ACN 644 141 613 | ACL 573164.

Ready to Get Started?

Don't wait until your fixed rate expires. Speak to an experienced broker today and explore your options across 30+ lenders — obligation-free.

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