Refix and refinance aren't the same thing
Refixing means locking in a new fixed-rate period with your current bank when your existing one ends. Refinancing means moving the whole loan to a different bank. They often get treated as the same conversation, but they're different decisions with different implications.
A refix is fast and low-friction, but it only compares one bank's current rates to their own. A refinance takes more effort — new application, new valuation in some cases, potentially a cashback offer to move — but it opens up the whole market.
The rollover window
Most fixed rates roll off on a specific date. Your bank usually sends a letter about 30 to 60 days out with an offer to refix at their current rates. You can accept, negotiate, or move.
The useful thing to do in that window isn't just look at the number on the letter. It's ask: is this rate competitive against what other banks are offering to new customers? Is my current structure still right for how I'm using the money? Would splitting across two terms make sense?
Why the automatic offer is rarely the best
Banks put their best rates in front of new customers, not existing ones. That's not a scandal, it's just how the market works. The letter you get in the post is usually the carded rate, which is the starting position, not the negotiated one.
A quick phone call to your bank or a conversation with an adviser will almost always improve on that number. The gap between the letter rate and what you can actually get is money you leave on the table if you just tick and return.
What to compare beyond the rate
Rate matters, but it isn't the only lever. Term length affects how much of your income is committed and what your position is if rates move. Split structures let you hedge if you're unsure about direction. Revolving or offset accounts change how you use surplus cash. Cashback offers on refinance can be meaningful but come with clawback periods.
The right structure depends on your income, your other debt, whether you're planning changes in the next few years, and how much certainty you want. That's a conversation, not a spreadsheet cell.
When to start looking
Two to three months before a rate rolls off is the sweet spot. Early enough to compare properly and move if it makes sense; late enough that the rates you're looking at are close to what you'll actually get.
This is general information, not personalised advice. Your situation is its own thing — the right answer for you depends on the details. Have a chat with one of our advisers and we'll walk you through it.