Yep - and sometimes its a smart move.
When you’re sorting your home loan, whether it’s brand new or coming up for refix, you don’t have to wait until the settlement or rollover date to lock in your interest rate.
You can generally fix it in advance, and it’s called rate-locking.
Why would I do that?
Simple: it gives you certainty. Locking in early can protect you from interest rate rises between now and settlement, and give you more clarity for budgeting. In a rising rate environment, this can save you money and peace of mind.
How early can I lock it in?
That depends on the bank. Most let you lock in a rate up to 60 days in advance but some only allow 30 days.
It can also vary depending on whether it’s a new loan or a refix.
So is rate-locking always a good idea?
Not always. In a falling rate market, locking in early could cost you because rates might drop before settlement.
We’ll help you time it right
Every bank has different rules, and the best call depends on what the market’s doing and where you’re at in your loan journey. We’ll:
- Let you know when you can lock in
- Help you decide if it’s the right time
- And make sure the timing works for your situation and the market
Talk to an adviser before you commit with the bank, it could save you thousands!
