A rate lock is an extra option for a fixed-rate Flexible Home Loan, EconoME Home Loan and CompleteME Home Loan which lets you hedge against rates rising before your house purchase is settled.
When you take out a fixed-rate home loan, you normally get the interest rate that applies on the day your home loan is settled – which could be different to the rate on the day you first applied.
To guard against any unwanted rate rises, you can add a rate lock option to your home loan, which will come with a fee as below:
Then when it comes time to settle your home loan, you’ll get either the original interest rate at the time you applied, or the rate at settlement – whichever is lower.
| Product |
Rate Lock |
Fee |
| EconoME Home Loan |
Yes |
$750 |
| CompleteME Home Loan |
Yes |
$750 |
| Flexible Home Loan |
Yes |
$500 |
Applying for a rate lock
If you’re looking to apply for a rate lock, just let your broker or Mobile Banker know and they will help you complete your request at the time of your application.
Download form
Make sure you read through the details of the rate lock agreement included with the form. Once completed, you can send the form to your broker, ME Mobile Banker or lending specialist (along with any extra documentation the form asks for).