Is your fixed term about to expire?
Is your fixed-term interest rate about to expire?
About 40% of current mortgages late last year were on fixed rates. Of those, 75% are set to expire by the end of 2023.
When your Fixed rate expires, your lender will move you onto what is called a revert rate.
Revert rates tend to be higher than other deals on the market.
If you have a fixed-term interest rate that’s 1-2 months away from expiring, or has already expired, you need to be asking the question if your home loan is still right for you.
Here are three reasons why you should be asking these questions:
- You could be paying less through lower interest rates and/or lower fees
- Unlock more features that help you to pay off your home loan faster and offer more flexibility.
- Many lenders are offering cash backs of up to $6,000 to refinance your loan to them.
Know what your refinancing options are using our handy refinancing guide.
If you would like a FREE copy of the guide, please email us at enquiries@buildprotectfs.com.au
Find out more about the pros and cons of the most common loan types to make an informed decision.
Feel free to reach out to us for guidance suited to your situation.
Have a wonderful week,
The team at Build & Protect Financial Services.
