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’ll 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’ll be able to choose from a couple of options:

  • You can book in a new fixed rate for a fixed term of your choice – you can even book a rate 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:

Book in a new fixed rate

Book in a new fixed rate 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 meaning 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. And by fixing the remainder of your loan, you continue to have the security of paying the same each month on that portion.

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?

  • Give us a call on 0800 336 933 Monday-Friday between 9am and 5pm to talk to someone about your options or set up a time to meet one of our home loan specialists in branch
  • Email us at bookrate@westpac.co.nz and we’ll get back to you within 2 business days