What happens when a fixed rate expires?

Unless you act, your loan automatically rolls onto the lender's revert (standard variable) rate, which is often significantly higher than both your fixed rate and the rates offered to new customers. Repayments typically rise from the next cycle.

When should I start planning for fixed rate expiry?

Around 90 days before expiry. That leaves time to compare refinance options and complete a switch, or negotiate, before the revert rate ever applies.

Can I refinance before my fixed term ends?

Yes, but breaking a fixed term early can trigger break costs. Ask your lender for a break cost quote first — sometimes it is small, sometimes it outweighs any saving.

Knowledge base / Fixed rates

What happens when my fixed rate expires?

Secure Finance · Fixed rates · Updated July 2026

When a fixed term ends, your loan automatically rolls onto the lender's revert rate — typically well above both your old fixed rate and what new customers are offered. Repayments jump from the next cycle unless you refix, refinance or negotiate before expiry.

The revert rate: the quiet repayment jump

Lenders don't usually move you to their best variable rate at expiry. You roll to the standard variable or "revert" rate, which can sit 0.5–1.5 percentage points above competitive market pricing. On a $550,000 balance, rolling from 5.49% fixed to a 6.79% revert rate adds roughly $440 a month. Estimate your own jump with the Fixed Rate Expiry Calculator.

Your timeline: what to do and when

90 days out — get organised. Confirm your exact expiry date and the revert rate in writing. Start comparing what other lenders offer at your balance and equity level.
60 days out — decide your path. Refix with your current lender, move to their variable, or refinance elsewhere. A refinance typically takes two to six weeks, so this is the window to start one.
30 days out — lock it in. Most lenders let you set the next step to take effect at expiry, so you never spend a day on the revert rate.
At expiry — nothing should happen. If you've planned, the transition is seamless. If you haven't, the revert rate starts costing you immediately.

Refix, revert or refinance?

Refix suits borrowers who value certainty — but compare the refix offer against the market, not just against the revert rate.
Revert and wait is occasionally sensible for a short period (e.g. an imminent sale), but expensive as a default.
Refinance tends to win when the gap between the revert rate and competitive offers is wide — exactly the gap Rate Monitor is built to spot. See when refinancing is worth it.

FAQ

Will my lender warn me before expiry?

Lenders are required to notify you, but often close to the date and framed around their own refix offers. Don't rely on the letter as your planning trigger.

Can I split the loan at expiry?

Usually yes — part fixed, part variable is a common structure and can be arranged as part of a refix or refinance.

What if only part of my loan is fixed?

Each fixed portion has its own expiry. The same timeline applies to each split.

Fixed term ending in the next year?

Set up monitoring now — Secure Finance can review your options before the revert rate applies, and only calls if the saving may top $2,500 in year one.

Start free monitoring Estimate the jump

General information only, prepared by Secure Finance Services Pty Ltd (ACL 465059). It does not consider your objectives, financial situation or needs. Figures are illustrative examples, not offers.