Is your fixed rate expiring?

Are you prepared for the end of your fixed rate?

Interest rates in Australia were at a record low in 2020.  So if you’re one of the many Aussies who chose to fix your home loan interest rate, it’s likely you’ll see a significant increase in your mortgage repayments when your fixed rate expires.

If you don't take action, it could add some stress to your financial situation. There are things you can do to reduce the impact on your financial situation. Let's take a look at what happens when your fixed rate expires, and what actions you can take to prepare.

What to expect

What happens in the lead up to my fixed rate ending?

If you’ve chosen a fixed interest rate on your home loan, your repayments will remain the same for the duration of the fixed term. Before your fixed term expires, a Beyond Bank representative will contact you over the phone to discuss your options. This call is usually eight to ten weeks before the fixed-rate period expires. If we’re unsuccessful in contacting you, we’ll send you a letter with all the details.

 

What information will I receive?

The letter you receive will contain everything you need to know. This includes your new repayment amount, due date and interest rate.

 

What are my options?

You may have the option to re-fix for another term, convert to the current variable rate or even look at splitting your loan to get the best of both worlds. If you haven't provided us with alternate instructions, your loan will revert to a variable rate when your fixed term expires.

 

What action do I need to take?

It’s important to review your current repayment arrangements and increase your repayments before your new due date, if required.

 

Talk to us. We’ll discuss your options based on your situation, and together, we’ll work out the best option for you moving forward.

 

 

Talk to a Lending Expert

Prepare by reviewing your budget

Regularly reviewing your general household expenses is always a good idea. Be sure to track your spending so you can understand exactly where your money is going. If your mortgage repayments increase, you’ll be in a great position to know where you can cut your costs first.


These are just a few ideas to consider to help you save money. You can always contact us to set up a time to discuss your financial wellbeing with our experts.

Check your subscriptions.
Netflix, Prime, Stan - the list goes on. If you're subscribed to multiple streaming services, it could be a good time to reduce your subscriptions and just keep your favourite.
Review your online spend.
Have you been spending more money online than you need to? Online shopping habits can quickly get away from us, particularly if we're using services like AfterPay. Where can you cut back?
Compare travel costs.
Live near public transport? Compare the costs of taking the bus or train instead of driving to work. You could save money on petrol and potentially reduce your insurance premium.

Frequently Asked Questions.

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