Fixed Rate Period:

Check when your fixed-rate period is ending and start reviewing your loan at least a few months before the fixed term ends.

Revert Rate:

Find out what the revert rate is. This is the rate your loan will switch to after the fixed period ends. Compare the revert rate with current market variable rates to ensure it's competitive.

Future Plans:

Consider your future plans. Are you planning to sell, refinance, or make additional repayments before the fixed term ends? If you're planning changes, factor them into your review.

Fixed Rate Break Costs

Understand the potential fixed rate break costs. These are fees you might incur if you exit the fixed term early. Calculate whether the break costs outweigh the benefits of switching to a lower rate.

Market Rates:

Research current market rates for fixed and variable home loans and compare your fixed rate to current market rates to gauge its competitiveness.

Financial Goals:

Revisit your financial goals. Are your current loan terms aligned with your short-term and long-term goals?

Loan Features:

Review the features of your loan. Are they still suitable for your needs? Features like offset accounts, redraw facilities, and the ability to make extra repayments.

Fees and Charges:

Check if there have been changes to fees or charges associated with your loan. Ensure that the fees don't outweigh the benefits of your fixed rate.

Refinancing Options:

Explore refinancing options. If rates have dropped since you took out the loan, it might be worth considering refinancing.

Seek Professional Advice:

Consult a mortgage broker or financial advisor. They can provide insights into whether refinancing or staying with your current loan is the best option.

Compare Offers:

Shop around for competitive fixed-rate offers from different lenders. Use online comparison tools or work with a broker to find the best deals.

Prepayment Flexibility:

Check if your fixed-rate loan allows for additional repayments during the fixed term.

Some loans have limits on extra repayments, while others might charge fees for exceeding those limits.

Early Repayment:

Determine if your loan permits early repayment without incurring break costs. This can be important if your financial situation changes and you want to pay off your loan sooner.

Personal Circumstances:

Assess any changes in your personal circumstances that might impact your loan needs. Job changes, family additions, or other life events can affect your mortgage requirements.

Review Documents:

Review your loan documentation to understand the terms and conditions. Pay attention to any clauses related to fixed-rate break costs, early repayment, and future options.

1. Interest Rate Changes:

Stay informed about any recent changes in the Reserve Bank of Australia's official cash rate and know how your lender responds to these changes.

2. Loan Features:

Review the features of your loan. Are they still suitable for your current needs and financial goals?

Consider features like offset accounts, redraw facilities, and the ability to make extra repayments.

3. Repayment Amount:

Check if your repayment amount has been adjusted due to interest rate changes. Ensure that you can comfortably manage the new repayment amount.

4. Financial Goals:

Revisit your financial goals and assess whether your current loan aligns with your short-term and long-term objectives.

5. Compare Rates:

Compare your variable rate to current market rates to ensure it remains competitive.

6. Loan Fees and Charges:

Review the fees and charges associated with your variable-rate loan. Understand whether the fees are reasonable and compare them to what other lenders are offering.

7. Budget and Expenses:

Assess your budget and expenses. Are you still comfortably meeting your financial obligations with the variable rate?

8. Refinancing Options:

Calculate potential savings from refinancing, factoring in any exit fees.

9. Offset Account Usage:

If you have an offset account, review its usage. Are you maximizing its benefits to reduce interest payments?

10. Seek Professional Advice:

Consult a mortgage broker or financial advisor for personalised guidance.

They can help you assess your options and make decisions that align with your financial situation.

11. Repayment Flexibility:

Check if your variable-rate loan allows for extra repayments without penalties. Determine if you can pay off your loan faster by making additional contributions.

12. Economic Changes:

Stay aware of any economic changes that might impact your financial stability or ability to service your loan.

13. Loan Structure:

Assess whether the current loan structure meets your needs. Would a split loan or a redraw facility be beneficial?

14. Regular Reviews:

Schedule regular reviews of your loan, especially when there are significant financial changes or rate movements.