Products

Rate Lock

Description

Rate Lock guarantees the customer a fixed or guaranteed interest rate for a period of up to 90 days at any one time.

Note - Rate Lock does not apply to requests to switch loans from one interest rate type to another.

Features

Rate Lock can be applied to applications at anytime during the application process and must be before funding and settlement.

Home Seeker Loans (conditionally pre-approved) cannot be Rate Locked.

Loan Options	Conditions
Rate Lock is available on: Fixed Rate home loan (excluding 7,10,15 years) 1 Year Guaranteed Rate home loan	Any Rate Lock requires a Rate Lock fee to be paid and the interest rate available will be the current rate at that time. If settlement does not occur within 90 days customers will need to rate lock again at the current interest rate available at that time and pay the Rate Lock fee. Any changes (Addendums) to a rate Locked Loan will cause a 'break' of rate lock and the benefit to be lost.

Loan Options

Conditions

Rate Lock is available on:

Fixed Rate home loan (excluding 7,10,15 years)
1 Year Guaranteed Rate home loan

Any Rate Lock requires a Rate Lock fee to be paid and the interest rate available will be the current rate at that time.
If settlement does not occur within 90 days customers will need to rate lock again at the current interest rate available at that time and pay the Rate Lock fee.
Any changes (Addendums) to a rate Locked Loan will cause a 'break' of rate lock and the benefit to be lost.

Rate Lock Fee

The Rate Lock fee is charged to partially cover the costs of processing a Rate Lock option when selected by the customer.

When the fee applies	When the fee does not apply	Fee amount	Delegation to waive or reduce fee	Collecting the fee
The Rate Lock fee applies where the customer requests to lock in a fixed rate (excluding the 7, 10 and 15 year fixed rates) or a guaranteed interest rate	Standard Variable Rate home loan / investment home loan Line of Credit (LOC)	The rate lock fee is $750 for each rate lock.	There is no delegation to waive the Rate Lock fee. The fee is not refundable.	The Rate Lock fee* is processed on receipt of the completed Part F of the Third Party Banking Home Loan Privacy and Consent and Supplementary Products Application form (002-829).

*It is a requirement of the Usual Terms and Conditions for Consumer Mortgage Lending (UTC) that the fee must be shown as a debit on the customer's loan account. As such, the fee is debited to the loan account, as soon as the loan is set up, then the related account is debited and the amount re-credited to the loan account, these details will appear on customer's statement.

Rate Lock Process