Refinancing › Should I refinance to a fixed or variable rate?

Should I refinance to a fixed or variable rate?

Fixed gives certainty and protects against rate rises but limits extra repayments and can carry break costs. Variable is flexible, usually with offset and redraw, but moves with the market. Some borrowers split the loan to get both.

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

Why this matters

There is no universally right answer, only the right fit for how you manage money and your appetite for certainty. Someone on a tight budget may value the predictability of fixed, while someone making extra repayments may prefer the flexibility of variable. A split loan is a common middle ground.

The key points

Fixed gives certainty but less flexibility and possible break costs.
Variable is flexible, usually with offset and redraw.
A split loan can give you a bit of both.

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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.