Can I fix my interest rate on a progress payment loan?
Last Updated: 25 May 2016
Yes it is possible to fix and interest rate on a progress payment loan but this can only be done once the entire balance of the loan has been drawn down in full. Progress payments loans are often used to fund construction as they enable you to draw down your loan in instalments over the first 12 months of the loan term.
They are structured on a variable (floating) interest rate, during the draw down period, and repayments of ‘interest only’ are made on the loan balance until the approved loan amount is fully drawn down.
Only once the loan amount has been fully drawn down can you then change to a fixed interest rate.
See our guide Building your new home for more information.
Did this answer your question?
Related Answers
-
ASB’s ‘Rate Promise’ only applies to home loans re-fixed digitally via the ASB Mobile app or in FastNet Classic internet ...
-
A home loan pre-approval is a conditional approval that we can lend you a certain amount of money, provided the ...
-
Yes, to export your loan repayments for a selected time period: Log into FastNet Classic internet banking. On the 'Balances' ...
-
Before accepting a new home loan term you will have the ability to make changes to your loan. Once you’ve ...
-
Upon expiry date of your fixed rate home loan, it will automatically move to a variable rate home loan. There’s ...
-
Please give your Account Manager or Personal Banker a call to discuss changes to your home loan. If you don't ...
-
Yes. You will be able to re-fix your home loan through Fastnet Classic internet banking. Select the loan that is ...
-
Yes, to view your loan repayments for a selected time period: Log into FastNet Classic internet banking. On the 'Balances' ...
-
To increase your repayments, please call us on 0800 100 600 (Mon-Fri 8am - 8pm, Sat and Sun 9am-5pm). You ...
-
Your home loan rate will automatically switch to ASB’s variable rate as advertised on asb.co.nz. The personalised rates offered and ...
