Can I increase my repayment amount and/or make a one-off lump sum payment when my loan is on a fixed interest rate?

Last Updated: 04 Feb 2020

Yes, but you need to be mindful that these actions may incur the cost of an Early Repayment Adjustment (ERA).

You can however increase your fixed interest rate loan repayments by up to $500 per fortnight or $1,000 per month without incurring an ERA in Home Central through FastNet Classic internet banking and the ASB Mobile banking app, as long as you commit to those regular increased payments for the remainder of the fixed rate term. 

Alternatively, if you aren't sure you can afford to make the increased payments for the remainder of your fixed rate term, you can choose to save up any extra money you have and make a one-off lump sum payment when the fixed rate term ends. The minimum amount is $1,000 and this may be subject to an ERA. 

You cannot make a lump sum one-off payment on a fixed interest rate loan through FastNet Classic or the ASB Mobile app. So talk to one of our dedicated lending specialists about your options by calling 0800 100 600, or drop into any ASB branch

Did this answer your question?

Related Answers

Related topics