Is your fixed rate coming to an end in 2023? | Kaboodle Finance

Is your fixed rate coming to an end in 2023?

February 15, 2023

Millions of Aussie households will see their fixed rates end in 2023. If this is you, we strongly encourage you to start preparing your finances now to avoid a “repayment shock” when your fixed rate ends.

The record low fixed rates of 2020/2021 are no more. If you are currently on a fixed rate of 2% or under, you could see you interest rate jump up as high as 5% for owner occupied loans and 5.5% for investment. This could increase your monthly repayment by around $1000 per month (based on a $500K loan)


Step 1. Check how much your loan will increase by

Use our online calculator to give you an indication of what your repayments will look like when your fixed rate ends.

This is especially great for those who don’t come off their fixed rate for another 3 – 6months or more. We suggest that you start saving the money that is equal to the difference between your current loan repayment and your estimated new repayment. This will build up a money buffer for you and help you adjust to living within your new means.

  • Go to
  • Enter your loan balance into Loan Amount up the top
  • In Term 1 enter the number of years left on your loan
  • In Interest rate 1 enter 5% for OO and 5.5% for Investment (this is just an average figure you can use)
  • Select calculate at the bottom
  • Your repayment amount will display where it says Periodic Payment


Screenshot of the basic loan repayment calculator

Basic loan repayments calculator


Step 2. Speak to your mortgage broker

If you would like to review your home loan options, please contact us! All we need from you is a screenshot of your home loan information that includes your current balance, interest rate and repayment amount. We can then apply for an interest rate review with your current lender and run some numbers to see if it is worthwhile refinancing your loan to a different lender. Some lenders are offering refinance cash backs between $2-4K when you settle a home loan with them.

If you are doing your due diligence online, it is important to remember that lenders don’t just have one home loan product on offer. There are so many different types of products on the market and when you compare lender offers online, you may not be comparing apples with apples.

As an example, a quick search online and we have been offered a rate of 4.44% for a $500K, 30-year owner occupied loan. Reviewing the conditions of this offer, your LVR must be under 80%, principal and interest repayment only and no offset account is available. Are those conditions right for you? Would you benefit from an offset account? We can help you with these questions (and more!) to ensure you get the right loan structure and the best deal, for you.

Step 3. What can you do to get ahead?

We examine people’s expenses daily and generally speaking, we find that the biggest underestimated expense is food. Many people also don’t include categories like school fees, haircuts or basic clothing expenses into their budget. Its important to capture all your expenses for a realistic budget. You can find a great excel spreadsheet to set up your own budget by clicking HERE

We have also put together some suggestions on where you could look to save.

  • Set aside a practical amount of money per week for essential items. Then, any surplus monies can be set aside for a splurge or added to the next weeks essentials shopping list. Whether you buy online or direct from the farm, use the same concept across all spending. Once the budget is exhausted for that week, self-discipline must kick in and no more spending.
  • Enjoy your life but spend wisely! Could you take the kids to the park, rather than the movies? Can you and your friends do a BBQ at home rather than go out to a restaurant? If you love your takeaway coffee, make it a weekly treat rather than an everyday occurrence. Think about what is important to you and spend wisely.
  • Review your budget: 
  • Service NSW vouchers: Check out the vouchers and rebates you might be eligible for on their websites. Back to School vouchers have been fantastic this year. You may also be eligible for rebates on your electricity or gas too.
  • Subscription services. Did you know that on average, Aussies spend $63 per month on subscriptions? We read about this hack on Finder and I think its great so we thought we would share our finding:
  1. Work out which shows you want to watch per platform. 
  2. Watch everything on one service before moving on.
  3. Set up reminders in your calendar to switch before a new billing cycle.


If you would like to speak to one of our brokers for assistance or a chat, please contact us on 0414 845 571.