What is a rate lock?

A rate lock for a fixed rate home loan enables fixed rate home loan applicants to hold the current fixed rate for their chosen term for a 90 day period starting from when the application is applied.

The fee associated with a rate lock is 0.10% of approved loan amount (minimum fee $50), and this fee must be paid up front. The rate will be locked in once the form is received and the fee is paid in full.  If you are switching from another product to a fixed rate loan and require rate lock, the fee will be deducted from your nominated Qudos account or you can pay by credit/debit cards. For new loans, If the loan is not funded prior to the rate lock expiry, the rate lock fee is still payable. If the fixed rate changes within the 90 day period, the rate lock will guarantee you the lower of the current rate or rate locked in at the time the rate lock application is applied.  Please call us for more information or to apply for a rate lock please complete the rate lock form.