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Rate lock
Protect against possible rate rises prior to your loan settling.
Certainty
If applying for a fixed rate home loan, protect against rate rises prior to settlement by locking in the interest rate current on the day your full application 1 is submitted. Rate lock will apply for 90 days.
Simple
Nominate you’d like to lock in your fixed rate when you submit your application and we’ll take care of the rest. The Rate Lock fee is charged at settlement and is deducted from the loan proceeds.
Flexible
If the interest rate for your fixed rate application decreases during your Rate Lock period, we’ll automatically apply the new lower rate at funding and won’t charge the Rate Lock fee . Otherwise, the Rate Lock fee will apply.
What is rate lock?
If you select a fixed rate product for your home loan application, interest rates can change prior to funding and you will receive the current fixed rate at the date of settlement. Rate Lock allows you to lock in the current fixed rate at the time of considering your application, to protect your application against future potential fixed rate increases.
Features and benefits
$750
Rate Lock fee
If rates increase or don’t change during your rate lock period, you’ll be charged the Rate Lock fee at settlement.
$0
If rates go down
If fixed rates decrease prior to settlement, you’ll receive the lower rate and we won’t charge you the fee.
$0
If you switch
If you decide to switch products prior to settlement, your Rate Lock ceases and you won’t be charged.
How to apply
You can apply for a home loan online, over the phone or by visiting one of our financial services stores. One of our Mortgage Specialists will guide you through the process and confirm if you’d like the rate lock option at application.
You must request Rate Lock when you submit your application. Your fixed interest rate will be locked in at the date all applicants Credit Bureau enquiries are completed. You then have 90 days to supply your supporting loan documents, and for your application to be approved and funded. The locked interest rate will be applied at settlement.
If your loan does not fund within the 90 days, your Rate Lock will expire.
If you select a variable rate product, and then request to switch to a fixed rate after you application has been submitted, you will not be eligible to apply for Rate Lock.
Any fixed rate Owner Occupier or Investment loan application can request to Rate Lock. This includes Construction loans, however the first loan draw down of the Construction loan must be completed within 90 days from the Rate Lock date. Rate Lock is only available for new applications, not internal loan switches.
If you split your loan between two fixed products for one security property, only one Rate Lock fee will apply. If you have multiple loans for different security properties, then a Rate Lock fee will apply to each separate loan you wish to apply the rate lock to.
Our fixed home loan options
Credit eligibility criteria, terms and conditions, fees and charges apply.
1 The fixed rate applicable for Rate Lock is the current interest rate for the chosen product, on the date all applicants Credit Bureau enquiries are completed. The Rate Lock Fee will be debited from the loan amount funded at settlement if interest rates have increased or not changed, and is non-refundable. We will hold the locked interest rate for 90 days from the date of your Credit Bureau enquiry. If we have not funded your loan within that 90 day period, the Rate Lock expires.