Your browser is out of date. From Thu 28 April 2022, the Great Southern Bank website will not support your current browser, and you may have a degraded experience or be unable to connect. Update your browser to secure your online experience.

Search
Close
HANDY GUIDE

Fixed Rate Lock

Lock in a great rate and get peace of mind in an ever-changing market.

Why choose Fixed Rate Lock?

Applying for a home loan can be stressful enough without having to worry about rising interest rates. That’s where Fixed Rate Lock can help.

This small but clever feature is designed to protect you from potential rate rises and give you peace of mind in an ever-changing market.

What is Fixed Rate Lock?

Fixed Rate Lock lets you lock in your interest rate during the home loan application process, instead of having to wait until settlement day.

When you apply for a fixed rate loan your interest rate is determined (aka fixed) on the date of settlement. As interest rates are subject to change, it’s possible that the interest rate could rise between the date you apply for the loan and the date you settle.

Adding Fixed Rate Lock gives you certainty while you navigate the home-buying process. Simply lock in your rate and relax knowing that your interest rate will not rise.

How does Fixed Rate Lock work?

You can request Fixed Rate Lock when you apply for your home loan, or by contacting your Home Loan Specialist if you’ve already submitted your application.

Is there a fee?

A one-off fee of $600 will apply to each fixed rate loan you request to lock.

If your request is accepted, we’ll lock in the interest rate on the date we process your request, which will be once your application is submitted with all supporting documents. Your Fixed Rate Lock is then valid for 90 days.

All you need to do is settle your home loan within the 90-day period.

When can I add Fixed Rate Lock?

You can add Fixed Rate Lock during the application process up until the date unconditional approval is granted.

Lock your rate in 3 easy steps
1. Check that you’re eligible

Check that you’re eligible. Read our FAQs to check your eligibility.

2. Complete Fixed Rate Lock request form

Speak to your Home Loan Specialist for a Fixed Rate Lock request form.

3. Lock in your rate

If your request is accepted, we’ll lock in the applicable interest rate on the same day.

Ask a Home Loan Specialist about Fixed Rate Lock

HOME LOANS

Fixed Rate Home Loans
More than just a great fixed rate, you'll also enjoy these clever features.
  • Repayment certainty for the fixed period.
  • Make up to $30,000 in extra repayments during your fixed term.2
  • Redraw your extra repayments for free.3
Fixed Rate Home Loan
Interest rate
from
4.99
%
p.a.
Comparison rate from^
4.65
%
p.a.
Find out more
2 year fixed rate, owner occupier, principal & interest.4,5

Fixed Rate Lock FAQs

Have a question? Find the answers, explained in easy-to-understand terms right here.

What rate is locked in?

Your rate will be locked on the date we process your request, which will be once your application is submitted with all supporting documents. The interest rate applicable on that day will be the rate we lock in.

Does Fixed Rate Lock expire?

Your Fixed Rate Lock will expire 90 days after your rate is locked in. If your Fixed Rate Lock expires before your loan is settled, you will get the interest rate applicable at the date of settlement.

In this event, the Fixed Rate Lock Fee is still payable.

What happens if the interest rate rises?

If the interest rate rises and you’ve locked in your rate, you won’t be charged the higher rate on settlement day*. Instead, you’ll enjoy your lower locked in rate.

*Don’t forget you need to settle within the 90-day period to take advantage of the Fixed Rate Lock.

What happens if the interest rate drops?

If the interest rate drops below the rate that you secured and you want to revert to rates applicable at settlement, you can request to opt-out of rate lock, but you’ll be charged the standard $300 re-documentation fee that applies for changes to your loan contract.

Please note that you might run the risk of delayed settlement. We recommend speaking to your Home Loan Specialist before making this decision.

What happens if the interest rate does not change?

If the interest rate remains the same at settlement as the rate you locked in, you will receive that rate. In this event, the Fixed Rate Lock Fee is still payable.

Is the Fixed Rate Lock fee refundable?

No, the Fixed Rate Lock Fee is non-refundable.

How long does it take to settle a home loan?

Typically, settlement periods are 30 to 90 days, but they could be shorter or longer depending on what you and the seller agree on.

If you’re unsure of your settlement date, talk to your solicitor and all other relevant parties before you decide if Fixed Rate Lock is right for you.

Speak to a Home Loan Specialist
We are here to help.

Speak to one of our Home Loan Specialists via live online chat.

Fill out our online enquiry form and one of our Home Loan Specialists will get back to you to start the process.

Mon - Fri: 8:00am - 8:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)

Important Information

Rates are current as at 22 June 2022 and subject to change.

Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions, and fees apply. Applications are subject to credit approval.

^ Comparison rate accurate for $150,000 secured loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

1 Fixed Rate Lock is available to new applications from 27 April 2022. Great Southern Bank will apply the fixed interest rate applicable on the day of settlement unless a completed Fixed Rate Lock request form is received by us before the unconditional approval of your loan application. Fixed Rate Lock is a feature that allows customers to lock in the applicable fixed interest rate from the date we process your request, which will be once your application is submitted with all supporting documents, and you will be protected against interest rate rises for 90 days from such date.  A non-refundable Fixed Rate Lock Fee applies to each fixed rate loan that is locked, refer to our Lending Schedule of Fees for the fee amount. On expiry of the fixed rate period, the loan reverts to the Basic Variable Reference Rate relevant to your loan purpose and repayment type which applies at the time of expiry. Full terms and conditions apply and are available here.

2 A daily transfer will refund any amounts paid in advance in excess of the total advance repayments allowed during the fixed rate period ($30,000) unless sufficient to pay out the loan in full (in which case an Early Payout Cost may apply). Excess funds will be transferred to the nominated deposit account, which must remain open for the fixed rate period.

3 A $200 minimum withdrawal amount applies for redraws conducted in-branch.

4 Fixed Rate loans are available to (a) new home loans with a minimum application amount of $100,000; or (b) switching or restructuring of existing home loans. Maximum Loan to Value Ratio applies and includes Lenders Mortgage Insurance and Great Southern Bank loan setup fees where applicable.

5 On expiry of the fixed rate period, the loan reverts to the Basic Variable Reference Rate relevant to your loan purpose and repayment type which applies at the time of expiry.

Speak to a Home Loan Specialist
Back
1 of 8
Speak to a Home Loan Specialist
Tell us what you're looking for and we'll be in touch
I'm buying a property
I'm building or renovating
I'm refinancing
Discuss my Great Southern Bank Home Loan
None of these
What stage are you at?
I'm ready to apply for a home loan
I'm applying for pre-approval
I want to know if I qualify
I'm researching my options

Applying for pre-approval allows you to know the maximum amount you can borrow while you look for a property.

Pre-approval means that a lender has agreed to lend you an amount of money in-principle, but the loan hasn't been proceeded to full or final approval.

While pre-approval is not a fully approved loan it can help you narrow your search, negotiate, and make an offer with certainty and confidence.

How much would you like to borrow?
If you are unsure, please enter an approximate amount.
The minimum amount you can borrow is $100,000
When would you like to borrow?
If unsure, please select an approximate timeframe.
Now
Within 3 months
In 3+ months
Are you a Great Southern Bank customer?
Great Southern Bank was previously known as CUA.
Yes
No
Do you have a home loan with Great Southern Bank?
Great Southern Bank was previously known as CUA.
Yes
No
Would you like to tell us anything else?
For security, never include any bank account or card details in your enquiry. You can provide this information later if it's needed.
Next
Skip this step
Tell us a little more about your plans
I'm planning to build
I'm planning to renovate
What stage are you at?
I'm ready to refinance
I want to know if I qualify
I'm researching my options
How much is your current mortgage?
Please enter a numeric value
What are your plans?
I want to increase my existing home loan
I want to switch or restructure my existing home loan
I want to discuss my existing home loan
What would you like to discuss?
Please provide a little information so we can best answer your query.
For security, never include any bank account or card details in your enquiry. You can provide this information later if it's needed.
How would you like to connect?
Request a call back
Call us on 133 282
Chat with us online
Speak to a Home Loan Specialist
First Home Guarantee
Family Home Guarantee

The Australian Government has introduced three initiatives to support eligible Australians to build or purchase a new home sooner: the First Home Guarantee and the Family Home Guarantee.

Thanks [Name], we'll speak to you soon
One of our Home Loan Specialists will call you on [0413 456 789] at your preferred time.
To help you get the most out of your call, we recommend having some details ready:
  • Identification details
  • Details of your income and expenses
  • Financial details, including what you own and what you owe
In the meantime, if you have any questions, we’d be happy to help.
Call us on 133 282
Mon-Fri: 8:00am - 7:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)
Visit us
Visit your nearest Great Southern Bank branch.
How can we reach you?
Please enter your first name
Please enter your last name
Please enter valid post code
Please enter valid email address
We’ll email you if we’re unable to contact you by phone
When would you prefer to be contacted?Opening hours:

Mon - Fri: 8:00am - 7:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)
Great Southern Bank collects personal information on this form for the purpose of assisting with your enquiry. If you don’t provide this information we may not be able to help you. Our Privacy Policy contains information on how we manage personal information, how you may access and seek correction of information we hold on you, how to complain if you believe we’ve breached our privacy obligations, and how we deal with complaints. We store some information in a secure environment in "the cloud" – our privacy policy sets out which countries this information may be hosted in.