With so much talk focusing on the prospect of rising interest rates, you may be wondering whether you should lock-in a fixed-rate deal before the Reserve Bank makes its move. Speculation that rates will rise later this year is no reason for sleepless nights, but it's a great reason to find out whether a fixed-rate loan is a good idea.

As a mortgage broker, I can take you through the alternatives and outline whether any lender fees might be attached if you switched from your current arrangement. You can opt for a fixed-rate for your entire mortgage or select a split-loan in which a portion of your debt is subject to a fixed rate.

Fixed rates are moving pretty quickly right now even without the Reserve Bank pushing up the cash rate. Figures from comparison site Canstar say the current average two-year fixed rate is 2.71%. You could've struck a deal below 2% last year when rates were at record lows.

Here are a few pointers as you consider your options:

-Interest rates could start to rise in a matter of months. The major banks are predicting the first rise around August or September with more to come in 2023.

-Let's investigate your options with your current lender, as this should speed the process and minimise the possibility of fees.

-Fixed rates are most often set from one to five years.

-Going to a new lender may incur fees. We'd have to calculate the benefit over the term being offered.

If you want today's fixed rate, a lender may ask you to pay a “lock-in fee” as the rate could move higher even while your application is being processed.