Fixed vs Variable › Can I refinance while on a fixed rate?

Can I refinance while on a fixed rate?

Yes, but you may face break costs for exiting the fixed term early. Whether refinancing still makes sense depends on the size of those costs against the savings, so it is worth getting the break figure before deciding.

Written by Ross McFarlane, Licensed Mortgage Broker (Credit Representative 526725). About the author

Why this matters

Being on a fixed rate does not trap you, but it adds a cost to leaving. The deciding factor is the break cost, which depends on market movements since you fixed. Sometimes the savings from a new loan outweigh the break cost; sometimes they do not. Always get the exact break figure from your lender before you commit to refinancing.

The key points

You can refinance, but break costs may apply.
The decision hinges on break cost versus saving.
Break costs depend on market movements.
Get the exact figure before deciding.

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Last reviewed: June 2026

General information only. This page provides general information about home loans and is not financial or credit advice, a quote, or a guarantee, and your personal circumstances have not been considered. Lending policies, interest rates, fees and eligibility vary by lender and change over time. Always confirm your own situation with a licensed mortgage broker or lender before acting. Ross McFarlane (Credit Representative 526725) is an authorised Credit Representative of Australian Associated Advisers Pty Ltd t/a Keylend, Australian Credit Licence 392169.