With the Rate Lock
1 feature, you can lock in the current fixed interest rate at the time of your loan approval. This way, for a fee, you are protected from the possibility of rising interest rates. If the current rate falls below your 'locked in’ rate on your settlement date, you'll be given the lower rate. Rate Lock will hold the current fixed rate for up to 90 days after you have locked in the rate for a fee of 0.15% of the loan amount (minimum fee amount $500). Once approved, you will need to pay the rate lock fee before drawdown of their loan.
To apply for the Rate Lock feature, you can speak directly with your Home Finance Manager or Broker.
For more information, speak to one of our home loan experts on 13 22 66 or drop by a Bank of Melbourne branch.