What can you do to prepare for your fixed rate ending?

What can you do to prepare for your fixed rate ending?

Is your Fixed Rate ending soon? Think about your future self – plan ahead, do some research and look at your options a few months out – don’t wait until the last minute. Try and get a sense of what your rate and repayments may look like once your fixed rate ends and start preparing for it. Check out our Home Loan Repayment Calculator as a good place to start. You can chat to one of our Lending Solutions Consultants or your broker in advance and discuss your options. The more time you give yourself to prep the better prepared you will be. We’ll be in touch as early as 3 months before your fixed Rate is due to end to assist you with the transition and let you know your options.

What options do I have?

Move to a variable rate
When your fixed term ends, your home loan will automatically roll onto a variable rate loan unless you have provided other instructions. As a valued customer we will offer you our Special Residential Variable rate when we communicate with you about your fixed interest rate expiry.

If you would like to look at re-fixing, check out the terms and interest rates available to assist. If you decide to go down this path, you can either:

  • Fill in the agreement you’ll receive in the mail, select the new term and return it to us.
  • Call us on 1300 322 196 to provide verbal consent to re-fix your loan.
  • Await the call or text from us to discuss further.

Combine or split multiple loans
If you have multiple loans with us, take this opportunity to discuss how you can combine or split your loans to suit your needs. You also have the option to split your current loan between variable rate and fixed rate to have the best of both worlds. Call us to talk through the specific options available to you.

Home loan health check

If you’re concerned about increasing interest rates and meeting your repayments, please get in touch with us as soon as you can, so we can help. Whether it is giving you short-term assistance, or setting you up for the long term, there are options available! Call our friendly Lending Solutions team on 1300 322 196 who will work with you to develop a strategy suited to your circumstances, and we’ll do everything we can to find a way forward together.

What else can I do?

Start ramping up those savings.
Get used to a change in your rate by putting some extra money aside or consider making additional repayments at your current rate (if that’s an available option in your loan terms and conditions).

Putting a little extra money aside if you’re able, can help create a bit of a buffer and make you feel more comfortable. There are so many different savings account options available depending on whether you want greater access to your funds and flexibility or if you want to lock your funds away where you can’t be tempted to touch them.

Check out our Bonus Saver account for a great rate that’s simple to earn where you can access your money whenever you want, plus get unlimited withdrawals without losing your bonus interest. Or look into a Term Deposit where you can lock your money away for a fixed term on a fixed rate, so you know exactly how much interest you’ll earn. Both options are Government Guaranteed up to $250k.

Experiencing Financial Hardship?

Please visit our financial hardship page to review the options which may be available for you depending on your situation. You can also contact our friendly Credit Care team on 138 001 (option 3). We’ll work with you to develop a strategy suited to your circumstances, and we’ll do everything we can to find a way forward together.

Examples of financial hardship causes include:

  • Unemployment
  • Redundancy
  • Medical illness & associated costs
  • Relationship separations
  • Reduction of income (temporary or permanent)
  • Unplanned expenses
  • Financial difficulty
  • Prison sentence (short term)
  • Death of a borrower
  • business downturn

Situations that aren’t considered as a reason for hardship include:

  • Interest rate increases
  • Christmas
  • Birthdays
  • Travel and holidays
  • Weddings
  • Ordinary day to day living expenses