Fixed rate ending calculator

When your fixed rate ends, we estimate your variable rate could be between 3.4% and 4.7% p.a.*
...your monthly repayments will be $5000

Each month, that’s $500

*This calculator is only an approximation of what may happen at the end of a fixed rate home loan. The range of potential rates shown is the highest and lowest variable rates that an owner-occupier, princiapl & interest fixed rate loan from your lender might revert to, according to Mozo's database. Actual rates may vary according to each customer's individual circumstances and decisions of the lender.

What are the next steps?

Ideally you’ll want to start talking with your existing lender or a new lender at least 6 weeks prior to your current fixed home loan term ending. This will give you enough time to properly assess your options for refinancing. 

If you’re in a position to refinance your mortgage with a different lender, outlined below are some home loan options worth considering. You can also speak with a home loan expert at Lendi via our partnership to discuss your specific needs. This is a free service and you’re under no obligation to switch loans via them, but they might have additional loan options for you to consider.

Home loan comparisons on Mozo - last updated 22 February 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Home Variable Rate

    Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    6.15% p.a.
    6.15% p.a.

    Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.

    Compare
    Details
  • Straight Up

    Obliterate, Owner Occupier, Principal & Interest, <50% LVR

    variable rate
    comparison rate
    Initial monthly repayment
    6.24% p.a.
    6.24% p.a.

    Get a low variable rate depending on your deposit with Athena’s Straight Up Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.

    Compare
    Details
  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    variable rate
    comparison rate
    Initial monthly repayment
    6.09% p.a.
    6.11% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

    Compare
    Details
  • Basic Home Loan

    Owner Occupier, LVR 60-70%, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    6.15% p.a.
    6.17% p.a.

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 30% Deposit required.

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    Details
  • Straight Up

    Obliterate, Investor, Principal & Interest, <50% LVR

    variable rate
    comparison rate
    Initial monthly repayment
    6.34% p.a.
    6.34% p.a.

    Investors get a low variable rate depending on your deposit with Athena’s Straight Up Investor Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.

    Compare
    Details

Benefits of using a fixed rate mortgage cliff calculator

A fixed-rate mortgage cliff calculator can be a fantastic tool with many advantages. Knowing how your repayments will change can help you plan for the future and make decisions, such as drafting a household budget, comparing fixed-rate home loans, or deciding whether to refinance.

The key benefits of Mozo’s fixed-rate mortgage cliff calculator include the following:

  • Estimating your future repayments, whether you’re comparing a potential fixed-rate option or seeing what will happen to the one you already have.
  • Planning your budget for future mortgage repayments, since it gives you an expanded view of how much your fixed mortgage could cost over time.
  • Comparing different repayment scenarios. By changing inputs like your interest rate, term, and principal, you can understand how various offers could impact your finances. This also illustrates how refinancing could be beneficial for you.

How to use a fixed rate mortgage cliff calculator

To use Mozo’s fixed rate mortgage cliff calculator, you’ll need a few key pieces of information:

  • Loan amount left: how much of your principal you still have to pay back.
  • Your current monthly repayments: what you’re repaying now during your fixed term.
  • Years left on your home loan: most home loans last between twenty to thirty years, so input how many years you have until it’s completely paid off.
  • Your revert variable rate: the interest rate your fixed home loan will roll onto when your fixed term ends.
  • Once you input this data, the calculator will let you know your repayments at the end of your fixed term and how much extra you’ll be paying per month.

A fixed rate mortgage cliff calculator matters in your home buyer journey

Like any home loan calculator, a fixed rate mortgage calculator is essential for anyone planning to purchase a property.

Providing an estimate of your future payments enables you to plan your finances more effectively and save money in the long term. So, if you’re in the market for a mortgage, consider using a fixed rate mortgage cliff calculator to help guide your decision-making process.

FAQs about the fixed rate cliff

What is a fixed rate mortgage?

A fixed rate mortgage is a home loan where the interest charged on monthly
repayments remains ‘fixed’, or the same, for a specific period, called your
‘fixed term’. Fixed terms can last between one to five years, sometimes
longer. At the end of the term, the fixed interest rate reverts to a variable
one, which changes depending on economic conditions.

The primary perk of a fixed-rate mortgage is that borrowers can plan their
budgets around consistent repayments. But since fixed terms usually only last
three to five years in Australia, knowing what will happen to your repayments
when your fixed term ends and you roll onto a revert rate is essential.

What is the fixed mortgage cliff?

During the Australian property boom in 2020 - 2021, record-low interest rates
incentivised millions of buyers into the housing market. Many signed onto
fixed mortgage terms with rates as low as 2% p.a.

Now, three years on, we’re in a very different interest rate environment.
Decisions from the Reserve Bank of Australia have steepened average variable
rates to 5% - 7% p.a. Additionally, we’re rapidly approaching the expiry date
for many boom-era fixed mortgage terms. Borrowers will suddenly drop off the
“fixed rate mortgage cliff” into much higher variable rates.

What is a fixed rate mortgage cliff calculator?

Mozo’s fixed rate mortgage cliff calculator estimates your monthly repayments
when your fixed home loan term ends.

By plugging in details like the length of your current fixed term, how much
you borrowed, and your revert interest rate, the calculator can give you an
idea of how much more (or less) you could be paying when you fall off the
fixed mortgage cliff.