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 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