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Preparing for Your Fixed Rate Expiry


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If you have a fixed rate mortgage in Bathurst, New South Wales, it's important to be prepared for when your fixed rate expiry date approaches. Understanding what to expect and planning can help you make informed decisions about your mortgage.


In this blog post, we will discuss the key aspects of preparing for your fixed rate expiry, providing valuable insights and guidance. With the help of a knowledgeable mortgage broker, you can navigate this transitional period smoothly and optimize your mortgage strategy.

Understanding the Fixed Rate Expiry Process

As your fixed rate term nears its end, it's crucial to understand the process and implications:

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1. Notification: Your lender will typically send you a notice before your fixed rate expiry, informing you of the upcoming changes to your mortgage.

2. Revert to Variable Rate: When your fixed rate expires, your mortgage will typically revert to a variable rate unless you take action to secure a new fixed rate or explore other options.


3. Interest Rate Adjustment: The interest rate on your mortgage may change at the end of the fixed rate term, most likley increasing and potentially impacting your monthly mortgage payments.

Evaluating Your Options

When your fixed rate is expiring, it's essential to consider your options and plan:

1. Review Current Financial Situation: Assess your current financial situation, including your income, expenses, and financial goals, to determine the best course of action.


2. Consult with a Mortgage Broker: Engage the services of a professional mortgage broker in Bathurst, New South Wales, who can provide expert guidance and help you explore suitable options based on your unique circumstances.


3. Consider Refinancing: Evaluate the possibility of refinancing your mortgage to secure a new fixed rate or explore other available loan products that align with your financial goals.

4. Assess Variable Rate Options: If your mortgage reverts to a variable rate, understand the terms and conditions associated with the new rate and analyse its impact on your budget.

Planning and Acting

To plan effectively for your fixed rate expiry, consider the following steps:

1. Research and Comparison: Research different lenders and their offerings, comparing interest rates, terms, and fees. This information will help you make an informed decision.


2. Engage a Mortgage Broker: A knowledgeable mortgage broker can navigate the mortgage market on your behalf, providing access to a wide range of lenders and assisting in finding the best mortgage solution for your needs.

3. Secure a New Fixed Rate: If you decide to continue with a fixed rate, work with your mortgage broker to secure a new fixed rate term that aligns with your financial goals and offers competitive terms.


4. Explore Other Mortgage Products: Assess the suitability of other mortgage products, such as split-rate mortgages or adjustable-rate mortgages and determine if they align with your long-term financial plans.

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Preparing for your fixed rate expiry is a crucial step in managing your mortgage effectively. By understanding the process, evaluating your options, and planning, you can make informed decisions about your mortgage strategy. Engaging the expertise of a trusted mortgage broker in Bathurst can simplify the process and ensure you secure the best possible mortgage solution for your needs. Take proactive steps to navigate your fixed rate expiry and optimize your financial future.

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