Can I increase loan repayments or make a one-off payment to my fixed rate home loan?
You can arrange to increase your repayments by up to $1,000 per month or $500 per fortnight, as long as you commit to those increased repayments for the remainder of the fixed term.
If you aren’t sure that you can afford the increased payments for remainder of the term, you save any extra money you have and make a lump sum payment when the fixed term ends.
Remember, fixed rate loans provide certainty about your home loan repayments. They remain the same throughout the term of your fixed loan, so there is limited flexibility to make extra payments without breaking your fixed rate agreement and incurring the cost of an Early Repayment Adjustment (ERA).
If you want to make a lump sum payment to a fixed rate loan, the minimum amount is $1,000 (and this is could be subject to an ERA). You can find more information about ERAs here. You can also chat to one of our dedicated lending specialists about your fixed rate loan on 0800 100 600, or drop into any ASB branch.
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