When your fixed rate ends, your loan usually rolls onto the lender's standard variable rate, which is often much higher than what new customers are offered. Ask your lender for a better rate, and if it won't move, compare other lenders. Refinancing can save a lot, and some lenders offer extra discounts for certain professions.

In this video, McKern mortgage broker Mark Jones shares a personal story. His son's COVID-era fixed rate of about 2.29% was ending and his bank would only offer about 7.1%. After shopping around, Mark refinanced him with another lender at a lower rate with a professional discount (his son is a radiographer) plus a cash-back offer.

General information only, not personal advice.