I take a punt each way - if you own say $500k -  float $100k fix $100k each at 1,2,3,5 years - or something similar. That way what ever happens you win a bit and lose a bit. If your rate is fixed you are usually restricted about making extra payments (ANZ allows you a one off 5% repayment a year) - so I always have some floating to park spare cash in (contractor, business owner, lumpy income)