Increasing your payments
You can increase your payments by up to $500 a fortnight or $1000 a month without any cost. If you do this, you’ll need to keep your payments at this new amount for the remainder of your fixed interest rate term.
A fixed interest rate loan may suit you if you want to make regular loan payments and know exactly how much each payment will be. Managing your budget may be easier, knowing your interest rate and payment amounts won’t change during the fixed interest rate period.
However you need to be mindful that a fixed interest rate means limited payment flexibility. If flexibility to make extra payments is important to you, you might like to consider a floating interest rate loan, or perhaps split your loan and have a combination of both fixed and floating.
You can increase your payments by up to $500 a fortnight or $1000 a month without any cost. If you do this, you’ll need to keep your payments at this new amount for the remainder of your fixed interest rate term.
It is possible to make an extra payment on a fixed interest rate loan however you need to be aware an early repayment adjustment (ERA) may apply.
There are different repayment options to choose from. This includes a table loan, a reducing loan or interest-only.
Once your fixed term comes to an end, you can re-fix your loan on a new interest rate. Let us know your plans anywhere up to 60 days before expiry, and we can help you lock in a new rate well in advance. Alternatively, you can choose to do nothing and your interest rate will revert to our Housing Variable (floating) rate.
You have the option of a single loan on a fixed interest rate or you can choose to split the amount you borrow across a combination of different interest rates as seperate loans.
A split loan can give you both the convenience of payment certainty and flexibility.
You can fix your interest rate for terms between 6 months to 5 years.
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ABC Bank’s lending criteria, terms and fees apply. An early repayment adjustment may apply if you break a fixed rate term.