Is your fixed rate expiring?

Are you prepared for the end of your fixed rate?

Interest rates in Australia were at a record low in 2020.  So if you’re one of the many Aussies who chose to fix your home loan interest rate, it’s likely you’ll see a significant increase in your mortgage repayments when your fixed rate expires.

If you don't take action, it could add some stress to your financial situation. There are things you can do to reduce the impact on your financial situation. Let's take a look at what happens when your fixed rate expires, and what actions you can take to prepare.

Check your subscriptions.
Netflix, Prime, Stan - the list goes on. If you're subscribed to multiple streaming services, it could be a good time to reduce your subscriptions and just keep your favourite.
Review your online spend.
Have you been spending more money online than you need to? Online shopping habits can quickly get away from us, particularly if we're using services like AfterPay. Where can you cut back?
Compare travel costs.
Live near public transport? Compare the costs of taking the bus or train instead of driving to work. You could save money on petrol and potentially reduce your insurance premium.
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