Fixed rate home loan

With a fixed rate home loan, you lock in one rate for a set period of time, from six months to five years. You'll make the same repayments every week, fortnight or month, so you'll know exactly what's scheduled to go out for the period you've fixed for.

During your term, if we start offering a rate lower than what you've fixed, you can:

• Wait until your fixed term is over and re-fix at the lower rate
• Weigh up whether it's worth breaking your fixed term to get the lower rate immediately.

Your loan will automatically have a minimum repayment amount and your repayments will be set as this, unless you opt to make them higher.

You can choose your repayment amount and frequency when you set your loan up, and change them during your term if you wish.

Anything you pay over and above the minimum repayment amount is considered to be an extra repayment.

You can make extra repayments in any year of a fixed term loan of up to 5% of the loan amount at the start of the fixed term. You can do this by:

• Increasing your regular repayments from the minimum repayment amount
• Making lump sum payments.

If you want to make a sizeable lump sum payment or increase your repayments above the 5% annual limit, you may have to pay a fixed rate break cost. If you plan to make repayments over this 5% threshold, you might be better to keep part of your loan on a variable rate – you can make extra repayments on this whenever you like.

When your fixed term expires, you can re-fix your home loan to a new term and rate. Re‑fixing online is the quickest way to lock in any discounted rate you’re eligible for.

If you don't re-fix, your fixed term automatically rolls onto a variable rate.

Explore your home loan options with our repayments and structuring calculator.

If you decide to break your fixed term contract, you may have to pay a fixed rate break cost which we'll calculate for you at the time.

Typically, you might look into this if:

• You're selling your house or want to repay your loan in full
• You think a lower rate will be worth it.

You don't have to put your entire mortgage on one fixed loan. You can split your home loan into multiple loans and choose to have more than one fixed loan, a variable rate loan, offset loan or revolving loan to suit you, as part of making up your whole home loan.

Learn more about mixing loan types and structuring your home loan.