When your fixed rate ends
A fixed rate does not quietly become a good variable rate. It reverts to the lender's standard variable, which is frequently well above what the same lender offers a new customer. The rollover is entirely predictable, the date is on your loan documents, and doing nothing is the most expensive option available.
What the revert rate is
Every fixed loan has a rate it reverts to at the end of the fixed term, and it is usually the lender's headline standard variable rather than a discounted product. Lenders rely on inertia here: a meaningful share of borrowers simply let it roll and pay the difference for years. The gap between a revert rate and a competitive rate can be substantial on a large balance, and it compounds quietly.
Start six months out, not six days
The useful window opens roughly six months before expiry. That is enough time to compare, to ask your existing lender to reprice, and to refinance if the answer is unsatisfactory, without being rushed into whatever is easiest in the final fortnight. It also means that if a valuation comes in low or a document is missing, there is time to deal with it.
Ask your own lender first
Repricing is faster and cheaper than switching, and lenders frequently will move for a customer who asks, particularly one who mentions they are comparing. It costs a phone call. Where the answer is a genuinely competitive rate, staying put is the sensible outcome and you have saved yourself an application. Where it is not, you now have a number to compare against.
Fixing again, or not
The decision at rollover is the same one you faced originally: certainty against flexibility. Fixed rates limit extra repayments at many lenders and often exclude offset, which matters more than borrowers expect. Splitting, fixing part and leaving part variable, is a middle path worth considering rather than treating it as all or nothing. The fixed versus variable guide covers the trade-offs.
The rollover timeline
Four steps, starting well before the date on your loan documents.
Both are in your loan documents or online banking. Knowing the revert rate is what makes the rest urgent.
Get a comparison, then ask your lender to reprice. The loan health check gives you the number to negotiate against.
Refinancing takes weeks, not days, particularly if a valuation is needed. Deciding late means accepting whatever is quickest.
Confirm the rate applied matches what was agreed. It is worth reading rather than assuming.
Fixed rate ending in the next year?
Charles can tell you what your revert rate is, what is available, and whether your own lender should move first.
Fixed rate rollover questions
What happens if I do nothing when my fixed rate ends?
The loan reverts automatically to the lender's standard variable rate, which is usually well above what the same lender offers new customers. Nothing breaks and no action is required, which is exactly why it costs people money: the loan keeps working while quietly becoming more expensive.
Can I fix again?
Usually yes, and it is worth deciding deliberately rather than by default. Consider that fixed loans commonly limit extra repayments and often exclude offset accounts, which matters if your circumstances have changed since you first fixed. Splitting the loan is a middle option many borrowers overlook.
Should I refinance or ask my lender to reprice?
Ask first. Repricing costs a phone call and takes days, where refinancing costs fees and takes weeks. If your lender offers something competitive, staying is the sensible answer. If it does not, you have lost nothing and gained a benchmark.
How early should I start?
About six months out. That gives time to compare, negotiate and, if needed, refinance without being rushed. Borrowers who start in the final fortnight tend to take whatever is fastest rather than what is best.
Will refinancing cost me a break fee?
Not if you wait until the fixed term ends, which is the point of timing it. Breaking a fixed loan early can attract a break cost that outweighs any saving, so the rollover date is precisely when switching becomes cheap. The refinance checklist covers the other costs.
Related guides
General information only, not credit or financial advice. Professional lending policies, eligible occupations and loan-to-value thresholds vary by lender and change over time. Eligibility is confirmed against current lender policy in an assessment; nothing on this page is a promise that any lender will approve any application.
Do not let it roll.
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