Interest rates fell to record lows during the pandemic, which lead to a dramatic rise in fixed rate borrowing and refinancing. Many borrowers who locked in low rates for two to three years, are now coming off their fixed term onto the now much higher variable rate. This is the so called “mortgage cliff” that we are hearing about frequently in the media.

The RBA estimates that about $350 billion worth of fixed rate mortgages will expire this year, and households will be forced to absorb the increase in their mortgage costs. For a mortgage of $1 million, which was locked in at the average 2.48 per cent fixed interest rate three years ago, now refinancing at 5.6 per cent will cost borrowers almost $2,000 more per month.

With these pressures, there has never been a more important time to ensure that your interest rate is competitive and that your loan conditions and terms are most suited to your circumstances. I am happy to assist with this process and ensure your Bank is still offering a competitive rate and look at a pricing review or alternatively refinance to another Lender.

For all existing clients of the Edney Ryan Group we are offering a free ‘loan check’ service, where I can discuss your loan and your personal circumstances to help you evaluate whether your loan is still competitive.

To take advantage of this free loan check for Edney Ryan clients, please give me a call on (02) 9908 9888 or email