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What happens when your fixed rate home loan ends?

Plan and prepare for your home loan fixed interest rate ending

We've put together some information to help you plan and prepare for when your fixed interest rate ends on your home loan.

Before your fixed rate home loan ends

Now is the perfect time to start getting ready for changes to your home loan so your transition is as smooth as possible. We’ve put together some steps to help you prepare:

  • Review your expenses including your bills, subscriptions and insurance policies to see if you can save money.
  • Refine your budget based on what your new repayments might be. This will help you adjust to the upcoming change and allow you to put any surplus funds into your loan or a high interest savings account. Try our repayments calculator or budget calculator.
  • Start to think about how you can take advantage of home loan features like offset accounts and redraw facilities.

We will send you a letter or email reminder prior to your expiry, so you can review your home loan options and advise us of your decision before your fixed rate ends. 

Your options are as follows:

  1. Roll onto a variable interest rate which will happen automatically if you do nothing
  2. Re-fix your home loan interest rate

Need help deciding?

Book an appointment with one of our highly experienced lenders

Option 1

The Credit Union SA Home Loan Package offers a fantastic collection of benefits across our Home Loans, Visa Credit Card, Personal Loans, Term Deposits and more.

Key features & benefits

  • Discounts and benefits
  • Offset Account
Application fee$0
Loan term1 to 30 years
Extra repayments✅ Yes
Redraw✅ Yes
100% offset✅ Yes

Rate lock

❌ No

Split loan option

✅ Yes
Annual package fee✅ Yes

Learn more

Option 2

Select your fixed rate period, lock it in and you’ll know exactly what your repayments will be during that time, regardless of any movement in our variable rate.

Key features & benefits

  • Budgeting certainty
  • No loan application fees
Application fee$0
Loan term1 to 30 years
Extra repayments✅ Yes, up to $10,000
Redraw✅ Yes
100% offset❌ No
Rate lock✅ Yes, fees apply

Split loan option

✅ Yes
Annual package fee✅ Yes (only if it's a home loan package)


Learn more

Talk to us

If you’re still unsure what to do, reach out to us and we can help talk through your options.

Simply book a time to chat with one of our Home Lending Managers.

Book an appointment

If you choose to exit your fixed rate agreement before the end of your term, which is called a ‘break event’ (create a break event) then an Early Repayment Adjustment may be payable which can be costly, especially if you have a lot of your term left.

A break event is defined as any of the following:

  1. Where you repay the loan in full.
  2. Where you have paid more than $10,000 over your minimum repayments during a 12-month period.
  3. Where you want to change the fixed term of your loan or move your loan to a variable rate.

    We calculate the adjustment using a formula which includes:

    1. What the balance of your loan would have been over the remainder of the fixed period had you made your normal repayments, compared to what it will be after the break event;
    2. Published wholesale interest swap rates1 for relevant terms, when the fixed period started and when the break event occurs; and
    3. The loss would accrue over the fixed period, and a discount is applied to determine the present value of the loss.

    Before you decide to exit your fixed rate term, it’s a good idea to request a break cost quote to determine if it’s worth paying break fees. You can do this by sending us a message via Secure Mail in Internet Banking or by calling us on (08) 8202 7777 from 8am-8pm Monday to Friday, or 8am-2pm on Saturdays.

    An Early Repayment Adjustment is a fee charged when you create a “break event” any time before the end of your fixed rate period on your loan.

    A break event is defined as any of the following:

    1. Where you repay the loan in full.
    2. Where you have paid more than $10,000 over your minimum repayments during a 12-month period.
    3. Where you want to change the fixed term of your loan or move your loan to a variable rate.

    We calculate the adjustment using a formula which includes:

    1. What the balance of your loan would have been over the remainder of the fixed period had you made your normal repayments, compared to what it will be after the break event;
    2. Published wholesale interest swap rates1 for relevant terms, when the fixed period started and when the break event occurs; and
    3. The loss would accrue over the fixed period, and a discount is applied to determine the present value of the loss.

    Before you decide to exit your fixed rate term, it’s a good idea to request a break cost quote to determine if it’s worth paying break fees.

    Once your fixed rate rolls onto a variable rate loan, you can choose to fix a part of your loan.

    You can do this by contacting us to speak with one of our experienced lenders. Please note: this is a full application process and lending criteria and fees apply.

    If you currently have an offset account against a fixed loan, this will continue if you choose to refix your loan or your roll onto a variable loan.

    However, if you choose to go to variable but then want to refix in the future, you will not retain the offset account at the point of re-fixing.

    You can send us a message via Secure Mail in Internet Banking or by calling us on (08) 8202 7777 from 8am-8pm Monday to Friday, or 8am-2pm on Saturdays.

    Yes, your repayments will change along with your interest rate once your fixed rate term ends. Please, make sure to check your new rate and minimum repayments which will be sent to you closer to the date of expiry.

    If you currently have an offset account against a fixed loan, this will continue if you choose to refix your loan or your roll onto a variable loan.

    However, if you choose to go to with a variable rate but then want to refix in the future, you will not retain the offset account at the point of re-fixing.

    It will depend on the type of home loan you choose as to whether an annual fee applies. However, no monthly fees apply to our home loans. Visit our Home Loan Fees Information Page to find out more.

    Providing you redraw a minimum of $500 at a time, you can redraw excess funds at any time for no fees. To find out more visit the Compare Home Loans page.

    To check the current Home Loan rates on the different loans available, visit our rates page.

    Conditions, fees and lending criteria apply and are available on request

    To register for eStatements and eCommunications:

    Mobile Banking App

    Select eStatements from the drop-down menu, then click Manage eStatements and follow the instructions.

    Internet Banking

    Select Settings from the top navigation menu, then click Communications and follow the instructions.

    If you aren’t registered for Internet Banking, call us on (08) 8202 7777 or visit us at 400 King William Street, Adelaide.

    Find out more

    Repayment calculator

    Budget calculator

    INFORMATION YOU SHOULD KNOW

    This is general advice only and doesn’t take into account your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness to your objectives, financial situation and needs.

    The target market for this product can be found within the product’s Target Market Determination (TMD), available at creditunionsa.com.au/legal/terms-and-conditions/target-market-determination

    Conditions, fees and lending criteria apply and are available upon request.

    1

    Wholesale interest swap rates are obtained from the AFMA Interest Rate Swaps rates (Mid) published at 10 am each business day on the website of the Australian Financial Markets Association. A fee will be payable if the wholesale interest swap rate at the time of the break event, for a term comparable the remaining fixed period is lower than what the wholesale interest swap rate was at the beginning of the fixed period, for a term equivalent to the fixed period. More information about how we calculate the fee is set out in our Early Repayment Adjustment Fact Sheet, which is available in branch or on our website.