Refinancing when rates shift
Helps you decide whether to refix, switch banks or stay put when rates change.
- When a fixed term ends, compare your lender's offer with others and ask your current lender to improve its offer.
- Breaking a fixed term early can mean a break fee; ask your lender for the figure in writing, as it changes with rates.
- Splitting the loan across several fixed terms spreads the risk of all of it coming due when rates are high.
- A floating portion allows extra repayments, but ask about the rate and any fees.
- Diary a reminder well before your fixed term ends so you have time to compare options.
Check the details. Check break fees and offers with your lender and a licensed mortgage adviser; use Sorted to compare.
Official pages
Shortened from a Berry article first written 2026-05-16. Figures we could not check against a public source were taken out. This is general information, not advice.