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FIXED RATE LOCK
TERMS AND CONDITIONS

Great Southern Bank is 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. Consider the disclosure documents, terms and conditions before making a decision.

Eligible Home Loans

To qualify for Fixed Rate Lock, your home loan must meet the following criteria:

  • New fixed rate home loan applications
  • Owner occupier or investor
  • Principal and Interest or Interest Only repayments

Exclusions

Fixed Rate Lock is not available for:

  • Pre-approvals
  • Variable Rate Loans, Equity lines of credit, bridging loans or loans for construction purposes.
  • Switching, Splitting or Topping up an existing Great Southern Bank or Credit Union Australia home loans.
  • Loans to businesses, companies, trusts, non-resident borrowers and other non-natural persons.
  • Other exclusions may apply, speak to your Home Loan Specialist.

Fixed Rate Lock Terms and Conditions

1. Your fixed interest rate will be locked from the date we process your request, which will be once your application is submitted with all supporting documents and is valid for 90 days. The Locked Fixed Rate will apply at settlement, provided your Fixed Rate Lock request hasn’t expired. If it has expired, the fixed interest rate applicable on the day of settlement (less any applicable discounts) will apply.

2. A Fixed Rate Lock Fee is payable at settlement for each fixed rate loan account you’ve requested to lock. We’ll debit the fee from your nominated Great Southern Bank settlement account. In the event your Fixed Rate Lock request has expired, the fee is still payable and non-refundable. Refer to our Lending Schedule of Fees for the fee amount.

3. Your Fixed Rate Lock commences the date we process your request, which will be once your application is submitted with all supporting documents and will expire after 90 days or earlier if you make changes to your loan, refer to clause 4 below. If your settlement date occurs after the Rate Lock Expiry Date, your Fixed Rate Lock request is not valid and the fixed interest rate on the day of settlement will apply. The Fixed Rate Lock request cannot be extended under any circumstances.

4. After your Fixed Rate Lock has commenced, if you make any of the following changes to your loan your Fixed Rate Lock will expire:

  • Loan Purpose (Owner Occupier to Investor, or vice versa)
  • Repayment Type (Principal & Interest to Interest Only, or vice versa)
  • Fixed period (e.g. 2 years fixed to 3 years fixed)

If you again elect to lock in your interest rate, you will be required to provide us another Fixed Rate Lock request form. Any changes to your loan after unconditional approval will also incur a Re-documentation Fee.

Important Information

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.