When Should You Refix Your Mortgage?
Rates are changing — here's how to time your next move.
If your fixed rate is expiring soon, it might be time to refix — but not without a proper plan.
Locking in too fast (or too slow) can cost thousands. Here's what you need to know.
.webp)
What Does 'Refix' Mean?
Understand what refixing your mortgage means and your options.
Refixing is when your fixed-rate mortgage term ends, and you choose a new one — usually with your current lender.
You can:
• Refix for another 1–5 years
• Roll to a floating rate (higher, but more flexible)
• Refinance with a different lender altogether
Understanding your options early helps you make better decisions when the time comes.
When Should You Start Planning?
Learn the best timing for planning your refix.
Don't wait until your fixed rate actually ends. You should review your options:
• Around 60 days out (most banks allow early decisions)
• Or as soon as your interest rate letter arrives
• Rates can change weekly — so timing matters
Pro tip: Set a calendar reminder 90 days before your fixed term ends to start researching rates.
Should You Stick With the Same Bank?
Consider your options across different lenders.
Maybe. But it pays to compare.
• Your bank might not offer the sharpest rate
• You may qualify for cashbacks or better terms elsewhere
• A mortgage adviser can do the legwork — and give you negotiation power with your current bank
Don't let bank loyalty cost you — sometimes switching is the smartest financial move.
How to Choose the Right Fixed Term
Key factors to consider when selecting your new fixed term.
There's no perfect answer — but ask yourself:
• Do I plan to move or restructure in the next 1–2 years?
• Would I benefit from rate certainty right now?
• How tight is my cash flow?
You don't have to fix the entire loan. You can split it across terms to balance flexibility and risk.
Consider splitting your loan across different terms to manage risk and maintain flexibility.
Can You Break a Fixed Loan Early?
Understanding break fees and when they apply.
Yes — but break fees can apply. Refixing is your chance to restructure without fees. That's why timing it well matters.
• Break fees can be significant
• The calculation depends on your loan amount and term
• Sometimes it's worth paying to get a better deal
Always calculate break fees before making a decision — sometimes waiting is the smarter choice.
Ready to Review Your Options?
Let's look at your current rate, compare options across lenders,
and find the best structure for your needs.
Keep up with the latest mortgage updates:
Disclosure
Jason Bruce Mortgages is a licensed Financial Advice Provider (FAP), authorised by the Financial Markets Authority (FMA) to provide financial advice services. Group FSP Number: 1009241. Adviser: Jason Bruce (FSP Number: 669431). The information in this article is general in nature and is not personalised financial advice. Before you act on it, you should seek advice that is specific to your circumstances.
Under the Financial Markets Conduct Act, we must prioritise your interests, act with care, diligence, and skill, and meet ethical standards and appropriate client care.
.webp&w=128&q=75&dpl=dpl_BrBe7LHPkowa1hswdX3d8cEE3BDG)
.webp&w=128&q=75&dpl=dpl_BrBe7LHPkowa1hswdX3d8cEE3BDG)