• Change some or all of your variable rate home loan to a fixed rate home loan if you think rates are going to rise.

  • Put a part of your loan onto an Offset Mortgage to make the most of your savings.

  • Refix a part that’s about to roll off a fixed term — otherwise it’ll roll onto the standard variable rate.

  • If you can, increase your repayments. Paying more than the minimum on a 25 year home loan can take years off your mortgage and save you thousands.

How it works

  • You can change the structure of a variable loan anytime if you decide you want to put some of it on fixed, revolving or offset.
  • If you want to change the structure of your fixed rate loan, it may be better to wait until the term is about to end to avoid any extra fees and fixed rate break costs.

When a fixed term is up

When a fixed term is up, you can:

  • re-fix that loan at the current interest rates
  • change that part of your loan to variable or offset
  • do nothing, and it’ll automatically roll onto the variable interest rate when the term is up.

Breaking a fixed rate term

If you want to break a fixed rate loan before the term is up, you might have to pay a break cost.

More about break costs

Changing your payments

Review your payments at least every year or two, and anytime there’s a change in your life like a new job or a pay rise. Increase your repayments if you can afford it – every little bit helps you get home loan free faster.

What it costs

You’ll pay a loan restructure fee of $175 each time you change a part of your loan. There are no fees to increase your repayments unless you pay more than 5% extra off your fixed rate home loan in a year.