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Fixed Loan

Fix the interest rate on your loan to protect yourself from interest rate moves. You can fix your whole loan or part of it (making the other part variable). The rate can be fixed for 1 to 5 years, after which it reverts back to the Advantage Loan rate. Before your fixed rate term expires, you have the choice of renewing your loan with another Fixed Rate for a set period at no charge, or reverting to the Advantage Loan rate.
At the time of converting, your interest rate will be same as the current interest rate for customers that obtained an Advantage Loan at the time you first obtained your MyRate loan.

This loan may be suitable if...

  • You believe that variable rates will go up (see note below for more details)
  • You are an investor wanting set repayment amounts for a specific period.
  • You would like to protect part of your loan from rising rates by combining a fixed loan and an Advantage (variable) loan.

A note about Fixed Rates

Also see our guide 
to fix or not to fix?
People are often not sure whether to fix their rate or not. Whilst we cannot give advice, we believe borrowers should be aware of the facts behind fixed rates.
  • A fixed rate will probably save you money if the variable rate rises above it during the fixed term (one needs to also consider the fees and features of each product). Thus, your potential savings are tied to the gap between fixed and variable rates.
  • Even if the variable rate overtakes the fixed rate towards the end of the fixed term, if it was substantially lower for most of the fixed term, you will probably not have saved money by getting a fixed rate.
  • The Fixed rates shown below are current but are subject to change. The rate you receive at the time of settlement may be different to the rate shown. As such, the fixed rates shown should be considered indicative only. If you would like to secure the advertised fixed rate at the time of application, please ask your consultant about our "rate lock" option.
  • Use our Fixed vs Variable rate calculator to compare home loans types

 
MyRate Fixed Rate Loan features
Type of loan Fixed Rate
Low fixed interest rate 1yr 2yr 3yr 4yr 5yr
4.85% p.a. 4.90% p.a. 5.15% p.a. 5.50% p.a. 5.75% p.a.
Comparison Rate# 5.14% p.a. 5.12% p.a. 5.17% p.a. 5.30% p.a. 5.44% p.a.
Application fees* $0
Valuation fees* $0
Legal fees* $0
Settlement fees* $0
Ongoing/Monthly fees* $0
Redraw fees* n/a
Deferred establishment fees $0
Full fee schedule We have done our best to minimise as many fees as possible.
View our full fee schedule and descriptions.
Minimum loan $100k
Maximum loan $2M (more with special approval)
Max LVR 95%
LMI Required for over 80% LVR
Splits/Combination yes
Interest Only Up to 5 years (monthly repayments only)
Repayment frequency Fortnightly or monthly
Unlimited redraws* n/a
Additional repayments* yes Up to $10k per annum
Term 10 to 30 years 
Direct debit yes
Salary crediting  
Deposit Book* yes
Cheque/ATM/Credit Card/Eftpos Learn more
Internet/Phone Banking yes 
BPay Learn more
Portable  yes
Statements Half Yearly
Product Info Sheet Download PDF
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MyRate Update
Thursday 17th April 2014

Borrow up to 97%?

MyRate can offer a 97% LVR on purchases including capitalised LMI. Available at 5.17% variable and comparison rate.

Enquire now to find out more.

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