Refixing your mortgage
When your fixed rate is ending, you’ve got a decision to make. We help you choose the right term and structure, and check whether your bank’s offer is really its best.
When your fixed term ends, your loan usually rolls onto the floating rate unless you choose a new fixed term. Before you refix, compare the terms on offer, consider splitting your loan across more than one term, and check whether your bank will offer a sharper rate or whether another lender would be better.
Reviewed by the Moneyplant mortgage advice team, Papakura · Updated September 2026
How we help
- Review your options early: about a month before your fixed term ends.
- Compare the market: what your bank has offered against what other lenders are offering.
- Choose a structure: which terms, how to split, and whether a floating or revolving portion makes sense.
- Plan ahead: we’ll remind you before your next refix date comes around.
Shorter or longer term?
Shorter terms (six months to a year) let you refix again soon, which can suit you if you expect rates to fall or might sell or repay a lump sum. Longer terms (two to five years) give you certainty about your repayments for longer, which can make budgeting easier.
No one can predict interest rates reliably, so the right choice depends more on your plans and how much certainty you need than on guessing where rates are heading.
Why splitting helps
Splitting your loan across two or three fixed terms means not all of it comes up for refixing at the same time. That spreads the risk of refixing when rates are high, and gives you regular chances to make lump-sum repayments without break fees.
Don’t just accept the letter
Your bank will usually send a letter with its refix rates. They’re not always its best rates, and there may be room to negotiate, particularly if you’re a good customer with plenty of equity. We know what’s on offer across the market and can help you ask.
This is general information only and isn’t personalised financial advice. Everyone’s situation is different, so please talk to one of our advisers before making decisions about your lending.
Refixing questions
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When should I start thinking about refixing?
About a month before your fixed term ends. That leaves time to compare options, negotiate with your bank, or move lenders if that’s the better choice.
What happens if I don’t refix?
Your loan usually moves to your lender’s floating rate, which is often higher than fixed rates. You can normally fix again at any time.
Should I fix or float?
Floating lets you repay any amount without break fees but usually costs more. Many people fix most of their loan and keep a smaller floating or revolving portion for extra repayments.
Can I refix early?
You can, but breaking a fixed term early can mean a break fee, depending on how rates have moved. We can help you work out whether it’s worth it.
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