Can I break my fixed rate loan early?

You can break a fixed rate home loan early. This can happen because you want to repay the loan early or because you're refinancing to a new loan. You can do it, but there's a fixed rate break fee involved. The break fee can cost hundreds or even thousands of dollars, depending on how long is left on your fixed rate period and other factors.

When is a good time to lock in a fixed rate?

It's hard to time the market when fixing your rate. Some borrowers locked in very low rates in the last few years but right now, you will almost certainly have a higher rate if you fix. But fixed rates are not just about locking in a good deal. It's about certainty, knowing what your repayments will be and knowing they won't change for a while. For some borrowers that's worth being on a higher interest rate.

Can you extend a mortgage term during a fixed rate term?

No. Fixing again requires ending your current loan and fixing again at current market rates. And these change all the time as lenders adjust pricing based on the cost of accessing money to fund home loans. It's highly unlikely you could get the same rate you fixed at, or similar, in today's market.