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What to Do When Your Fixed Rate Expires

What to Do When Your Fixed Rate Expires

Is your home loan on a fixed rate that’s about to expire? If so, you might be wondering what steps to take next. If your fixed rate term is ending within the next three months, now is the perfect time to review your home loan and plan your next move.

What Are My Options?

Once your fixed term ends, you can choose to stay with your current lender or refinance to a new one. It’s a good idea to review the market to see if there might be a better option to suit your unique needs.

Interest Rate Structures to Consider:

  1. Re-fix Your Home Loan

  • Pros: You’ll know exactly what your mortgage repayments will be during the fixed term, allowing you to budget accordingly.

  • Cons: If interest rates decrease, your fixed rate remains the same, and you won’t benefit from any savings.

  1. Switch to a Variable Rate

  • Pros: Variable rates might be lower than the current fixed rates on offer. They often come with features like unlimited extra repayments, which can help you get ahead on your loan.

  • Cons: Variable rates can fluctuate, making it harder to budget as your rate may increase if the cash rate rises.

  1. Split Your Loan

  • Pros: This option allows you to fix a portion of your loan while the remainder is on a variable rate, potentially giving you the best of both worlds.

  • Flexibility: Most lenders let you choose the ratio of fixed to variable according to your preference.

Special Benefits for Healthcare Professionals:

As a healthcare professional, you have access to exclusive benefits that can make refinancing even more advantageous:

  • Discounted Rates for Higher LVRs: Many lenders offer special rates for healthcare workers, even if you have a higher loan-to-value ratio (LVR). This can mean more favourable terms and lower interest rates.

  • Tailored Loan Packages: We understand the unique financial situations of healthcare professionals. Our loan packages are designed to meet your specific needs, whether you’re a doctor, nurse, or allied health worker.

  • Flexible Repayment Options: Benefit from repayment options that align with your income cycle, including interest-only periods and offset accounts to maximise your savings.

  • No Lender's Mortgage Insurance (LMI): Some lenders waive the requirement for LMI for healthcare professionals, even with a lower deposit. This can save you thousands of dollars upfront.

We’re here to help you stay ahead in the current environment.

At Healthcare Home Loans, we have access to all major lenders, non bank lenders and private banks. Our professional experts will help you select a loan that best suits your unique situation.

Want to explore the right option for you? Get in touch with us today!

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