What happens when the fixed rate period on my home loan ends?

The end of the fixed rate period on your home loan is a great time to review your home loan needs. We will be in touch 60 days before the end date to prompt you to have a think about the best solution for you. 

At this point in time you will be able to choose from a couple of options:

  • You can refix for another term of your choice - you can even do this up to 60 days in advance with a rate lock agreement*. 
  • If you don’t take any action you will roll onto our current floating interest rate once your fixed rate expires.

If you’d like to see what your repayments might be with a different home loan option try our handy Mortgage Payment Calculator.

What are my options?

You could:

Re-fix your rate

Re-fix your loan with Choices Fixed  and enjoy peace of mind about the amount of your ongoing home loan repayments.  As you already know, a fixed rate is great if you want to set your repayments and know they’re not going to change during the fixed term. 

Get some flexibility with floating

With Choices Floating  your rate increases and decreases in line with the market and you’ll have the flexibility to pay lump sums off your home loan or increase your regular payments at any time without any additional costs.

Get the best of both worlds by splitting

If you’d like the best of both worlds, you might want to consider our Split Home Loan  option which allows you to split your loan between fixed and variable rates. By having a portion of your loan on our floating rate, you have the flexibility to pay lump sums on this part at any time without any additional cost. And by fixing the remainder of your loan, you continue to have the security of paying the same each month on that portion.

Limit your interest rate risk

With Choices Capped  your interest rate is capped for a set term, so you’ll pay less interest if rates fall, but if they go up, your interest rate will never go higher than the capped rate during the capped rate term.

You could save loads by offsetting your balances

Our Choices Offset loan option lets you use the balance of your eligible Westpac transaction and savings accounts to ‘offset’ against your floating home loan. It could save you in interest payments and cut years off your home loan.

Need advice?

If you'd like to talk to someone about your options or set up a time to meet one of our home loan specialists in-branch, give us a call on 0800 336 933. Or if you prefer, you can email us at fixed_rate_renewal@westpac.co.nz to discuss what you would like to do as the fixed rate portion on your home loan ends.