Lock in certainty while your home loan is being finalised.

A Rate Lock gives you the option to secure the fixed interest rate offered at approval for up to 90 days, protecting you from potential interest rate rises before your loan settles.

How does Rate Lock work?
  • When you apply for a fixed rate home or investment loan, Specialised Residential Loan or Business Loan, the interest rate normally applied is the one at settlement, not approval.
  • A Rate Lock allows you to hold the approved fixed rate for up to 90 days, even if rates increase before settlement.
  • The Rate Lock fee is $500, payable only if your loan proceeds and is charged at settlement.
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Why Choose a Rate Lock?
  • Peace of mind - avoid unexpected rate increases during the settlement period.
  • Cost certainty - know exactly what your repayments will be from day one.
  • Optional and flexible - you can accept or decline the Rate Lock during your application.

If settlement is delayed beyond 90 days, an extension can be requested for up to 180 days (not automatic and subject to approval).

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Good to Know
  • If your loan doesn’t proceed, you won’t pay the fee.
  • If interest rates fall before settlement, the lower rate will apply, even if you paid for a Rate Lock.
  • Rate Lock is available on all new fixed rate home and investment loans, Specialised Residential Loan or Business Loan, including interest only options.
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All Lending

 

An Example

If rates rise from 5.29% to 5.69% before settlement:

  • Without Rate Lock, your rate increases.
  • With Rate Lock, you keep the original lower rate, which may reduce your interest costs.

Fine Print:

Normal lending criteria, terms and conditions apply. The information provided is general advice only and does not take into account your personal circumstances, before acting on any of this information you should seek your own advice and check if the relevant product/s is right for you.

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