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
-
No. The results show the percentage of all sold properties within the suburb, to help determine where you might be ...
-
The colour coding provides an indication of the percentage of properties that you may be able to afford within a ...
-
The star rating shows the confidence of the estimated median value. It’s based on the number of properties sold in ...
-
This functionality is not currently available through FastNet Classic internet banking or the ASB Mobile Banking app. Please contact your ...
-
The estimated median value is a current estimate of property values calculated from the latest market sales of properties in ...
-
A home loan pre-approval is a conditional approval that we can lend you a certain amount of money, provided the ...
-
ASB’s ‘Rate Promise’ only applies to home loans re-fixed digitally via the ASB Mobile app or in FastNet Classic internet ...
-
The travel time is the estimated drive time for a weekday trip at 8.00am from the centre of the suburb ...
-
The school results show the schools within the selected area. It does not show school enrolment zones. Private schools are ...
-
Yes, to view your loan repayments for a selected time period: Log into FastNet Classic internet banking. On the 'Balances' ...
