Skip to content

Your Fixed Mortgage Is Expiring: What to Do!

As we approach the end of 2023, many homeowners are facing a significant financial challenge: their fixed mortgages are expiring. This means that their interest rates could potentially double or triple, putting a strain on their finances.

If you’re one of these homeowners, it’s important to understand your options and take proactive steps to manage these potential interest rate increases.


Here are a few things you can do:


Negotiate with your current lender for a better variable interest rate. Lenders may be willing to offer you a discounted rate to retain your business, especially if you have a good repayment history and strong credit.

Compare and refinance to a new lender. Shopping around and comparing offers from different lenders could lead to a better interest rate and save you money over the long term. However, it’s important to factor in the costs of refinancing, such as application fees and legal costs. A mortgage broker can assist you with this.

Consider refixing with your existing lender for another fixed term. This can offer you continued stability in your monthly payments, provided the terms are favourable.

Take advantage of easier refinancing options. Some banks are now offering refinancing with a 1% serviceability buffer instead of the standard 3%. This could be a lifeline for those who feel trapped in their current arrangements.

Consider a split loan. This is a type of loan where you have both a fixed-rate and a variable-rate component. This can be a good option if you want to lock in a low fixed rate for some of your loan, but also want to take advantage of the lower interest rates that may be available on a variable rate in the future.

Get a financial assessment. Before you make any decisions about your mortgage, it’s a good idea to get a financial assessment from a qualified financial advisor. This will help you to understand your financial situation and make sure that you are choosing the right option for you.

No matter what option you choose, it’s important to act early. The sooner you start the process, the more time you’ll have to compare rates and find the best deal for you.


Exploring Mortgage Solutions with Bayland Finance


Bayland Finance is a mortgage brokerage that understands the unique needs of each homeowner. We offer expert guidance and explore alternative avenues to find the best mortgage solution for you. We are committed to delivering exceptional service and uncovering the best solutions, and we have a reputation for caring about our clients. Get in touch with us today to learn more about how we can help you shape your mortgage’s future.


Empowering you to shape your mortgage’s future is our ultimate goal.


I hope you enjoyed our latest update. We’re here to help, so if you need assistance with a new loan or refinancing, please get in touch with one of our friendly team by booking a free consult below.

Kind Regards,
David Fraser

Disclaimer: The information provided above is on the understanding that it is for illustrative and discussion purposes only. Any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances.

Stay Up to Date

Sign up to receive finance updates straight to your inbox.

Who Would You Like to Chat With?

Ben Simmons
Ben Simmons
Sam Fraser
Sam Fraser
Mornington Mortgage Broker David Fraser
David Fraser

I'd Like To ...

Get a Home Loan
Refinance an Existing Loan
Consolidate Debts
Borrow for Investment
Get a Business Loan
Get a Car Loan
Buy Property In My SMSF