Variable rate home loans

With a variable rate home loan (also known as a floating rate home loan), the interest you pay on your home loan can go up or down.

If interest rates fall, you’ll pay less in interest and pay off your home loan faster as we keep your repayments the same. However, if it rises, your repayments may increase so you need to have the room in your budget to cope with higher repayments.

You'll have a minimum repayment amount which you'll pay on your set repayment date.

But you also have the flexibility to increase your repayments whenever you like or if you want to reduce your repayments down to the minimum repayment amount, you can also request this.

To change your repayments, send us a secure mail or call 0800 000 654.

You don’t have to put your entire home loan on a variable rate.

You could also put portions of your home loan on a fixed rate home loan, offset home loan or revolving home loan.

You'll be able to make lump sum payments at no extra cost. You can do this via the mobile app or by sending us a secure message. You're able to make as many additional payments as you'd like. This can be handy if you come into some money that you didn't expect.