Your fixed rate is ending. Now what?
When a fixed term ends the loan reverts to the lender's variable rate, and the repayment moves on the day. The three choices are to reprice or revert, to refix, or to refinance. Enter the rates you have been quoted and the tool lines them up.
No rates are quoted on this site. Where a rate is needed, you enter the one you have been offered. Nothing here is recorded or sent to us.
At a glance
- You enter
- Balance, fixed rate, remaining term, the end date, the revert rate, and any refix or refinance rate you have been quoted
- You see
- The monthly and yearly change, the three options side by side, and the date to start
- Assumed
- Principal and interest over the remaining term, rates constant, no fees
The method, in the order a lender uses it.
Every figure above comes from these steps and nothing else. If a lender's number differs from ours, one of the items in the second list is usually the reason.
Repayments
Principal and interest over the years remaining, at each rate you enter, on the same balance.
The jump
Revert repayment less fixed repayment, per month and per year.
Options
Revert, refix and refinance repayments shown side by side, with the yearly difference against reverting.
Dates
Ninety days before the end date is the review date. Most lenders will hold a refix quote for a short period, and a refinance takes four to six weeks.
What this tool does not include
- Refinance costs (discharge, new lender fees, government fees). Use the refinance savings tool for those.
- Break costs if you move before the fixed term ends.
- Split loans, offset balances and interest-only periods.
- Whether a fixed or variable rate is the right choice, which depends on your plans rather than a forecast.
Asked before the calculator, and after it.
What is a revert rate?
The variable rate your loan moves to when the fixed period ends, set by the lender. It is often higher than the rates the same lender offers new customers, which is why a repricing request is the first call to make. Revert rate, in the glossary.
When should I start?
Two to three months before the end date. Refix rates can usually be locked for a period, a repricing request takes days, and a refinance takes four to six weeks including valuation and discharge.
Can I refix with my current lender without a new application?
Usually yes, for the same balance and term, and it can often be done in the app. Changing the amount, the term or the borrowers means a new assessment.
Should I fix again?
That is a decision about certainty, not a forecast. A fixed rate buys a known repayment for a known period and costs flexibility (limited extra repayments, break costs). The review sets out both sides for your situation.
Same discipline, different question.
Each shows its method and its assumptions. None quotes a rate. All six tools.
How much could I borrow?
A lender does not start from the price of the house.
Open Loan repaymentsWhat will the repayments be?
Principal and interest, interest-only for a period, weekly or monthly, with or without extra repayments.
Open Refinance savingsIs switching worth it?
A lower rate is not automatically a saving.
Open Stamp dutyWhat will the government charge?
Transfer duty is the largest cost of buying after the price itself and it differs by state, by purpose and by whether it is your first home.
Open Development feasibilityDoes the project stack up?
Before a lender, a valuer or a quantity surveyor looks at a project, a developer needs a first answer to one question: what margin is left after every cost, including the cost of the money.
OpenLonger reads from the archive.
When the number raises a question, ask it.
A finance review starts with a conversation and a written position from Dayan Kasturiratna, who provides the credit assistance on every file. No credit check to start.
Calculators on this page provide estimates for general information only, from the figures you enter and the assumptions shown. They do not take account of your objectives, financial situation or needs, are not credit assistance, an offer or an approval, and should not be relied on without checking with your lender, conveyancer or adviser. Opulent Finance does not provide tax, legal or accounting advice.
