Refixing At The End Of Your Fixed-Rate Term| The Co-operative Bank

Get organised

You can lock in a fixed interest rate up to 60 days before your current fixed loan with us ends. This gives you certainty over interest rates and repayment amounts. You won’t be affected by any interest rate changes in that time, but be mindful if you decide to cancel the rate you locked, you might have to pay break fees.

Review your structure

Refixing your home loan is also a good time to review your loan structure. For example, you may choose to drop your repayments down a bit, split your loan across different fixed-term rates, bump up your payments or put some in a revolving credit loan – there are plenty of options.

Choosing the right structure will depend on your current financial situation and your plans for the future. Start by reading about our home loan structures or reach out to us for more help.

Do you need a top-up?

Planning for a new car, deck or kitchen do-up? Refixing could be a good time to discuss your plans and see how much you could borrow to fund your project.

Find out more about topping up

Think about paying a bit more

If you’ve had a pay rise or come into some money, you might consider paying more towards your home loan – even a small amount could save you a lot in the long run. There are two ways you can do that.

You can either increase your repayments when you refix, or you could potentially make an additional payment. Our team can help you with setting both of these options up.

Plan ahead

You don’t have to wait until the last day to refix – you can lock in a new rate up to 60 days before your current fixed term is due to end. This helps to avoid your loan automatically rolling onto a floating rate, which may be higher than the fixed rates on offer.

It’s easy to get organised – you could refix in our mobile app*, give us a call or visit your local branch to talk about your options.

*Please note: Refixing in the mobile app is available from 60 days before fixed term expiry for most owner occupied fixed home loans with more than 20% equity, that are not held in a business or trust. For those that are not currently able to refix in the app, our lending specialists are available to assist you with the process over the phone. You can contact them on 0800 554 554.

How to refix your fixed loan in-app

In your Co-operative Bank mobile app, select the fixed home loan you would like to refix. A notification tile will display when you can lock in a new rate, up to 60 days before your current term expires.
From here follow the step-by-step process including selecting your preferred rate and term and agreeing to the fixed rate lock agreement. You will need 3 - 5 mins to complete the process.
It's important to take the time to review and make sure you are happy with the details of the fixed rate lock agreement. Once complete, your agreement will be in place and the confirmation sent to you digitally. If you decide to cancel this agreement, and not proceed with the fixed interest rate you have rate locked, early repayment recovery charges and administration fee may apply.
On the day your current term expires, the loan will switch to the new rate and a confirmation letter will be sent to you.

Visit your local branch

Our lending experts are here to help if you would like to discuss your options. You can schedule an in-person or phone appointment with your local branch.

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