Refinancing when your fixed rate expires in Melbourne

What happens when your fixed rate ends

At the end of your fixed term, your loan automatically switches to the lender's standard variable revert rate. This rate is rarely competitive — banks count on borrowers not noticing.

The jump can be substantial. Rolling from a 5.5% fixed rate onto a 7%+ revert rate on a $500,000 loan can add hundreds of dollars a month overnight.

Why this is the ideal time to refinance

• No break costs — your fixed term has ended, so there's nothing to pay to leave.
• Maximum leverage — lenders compete hard for borrowers coming off fixed rates.
• Cashback offers can cover your switching costs entirely.

Act before, not after

Start your review four to six weeks before your fixed rate ends. That gives time to compare lenders and settle a new loan before you're stuck on the revert rate even for a month.

If you've already rolled onto the revert rate, it's not too late — switching is still free and worthwhile. A broker can fast-track it.

Fix again, go variable, or split?

You don't have to fix again. A broker can compare a sharp variable rate, a new fixed rate, or a split loan that hedges your bets — matched to your goals and the rate outlook.

Use our refinance savings calculator to see the difference between your revert rate and a competitive new rate.