Fixing the rate of your home loan

A fixed rate is one that remains unchanged for the duration of your fixed-rate period, regardless of what’s happening in the market.
 
Switching to a fixed rate home loan gives you the security of knowing how much your repayments will be (and limits your exposure to rate rises). Get your head around the different rate options available with our home loans.
 
If you would like to fix your current ME home loan (or a split portion of your loan), here are some things you need to know.

Considerations for switching to a fixed loan

Firstly, you need to feel confident that fixing the interest rate on your loan is the right move for your financial situation. If you’re not sure, it’s a good idea to get independent financial advice.
 
If you want to go with a fixed rate, remember it’s possible that interest rates could fall below the rate you’ve fixed your loan at. And you’ll be locked in for the fixed period. See all our fixed home loan rate options.

What is a prepayment fee?

The fees associated with breaking your fixed rate home loan contract are called ‘prepayment fees’ (can also be known as ‘break costs’). The fees charged can vary greatly depending on the circumstances of the loan and can be significant.

You can find out more about prepayment fees by reading breaking your fixed loan: How prepayment fees work.

Breaking or changing your fixed rate contract

Making additional payments during a fixed rate term

If you find yourself with extra cash, you’ve got the option of making additional payments up to $30,000 per fixed rate term without any prepayment fees applying.
 
If you want to pay more than this amount, you might be hit with a prepayment fee. This fee will be calculated at the time your request is received.

Other fees associated with fixing your loan

There is no fee to fix your loan. 

Getting started

If you would like to fix your home loan, give us a call on 13 15 63 to make it happen.