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Rate Lock

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

During the fixed or guaranteed rate period the customer will have two fixed interest rates, one for principal and interest repayments and one for interest only payments. The interest rate applicable will depend on the repayment type they select during the fixed rate period.

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



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
  • Any Rate Lock requires a Rate Lock fee to be paid and the interest rates 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 rates 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 their fixed rates (excluding the 7 year fixed rates) or guaranteed interest rates
  • Standard Variable Rate home loan / investment home loan
  • Viridian 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 B of the Home Loan On-Boarding Application (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