My fixed rate loan is about to expire, what will happen and do I need to do anything?
Last Updated: 18 Dec 2015
When the fixed rate period ends you have a number of options:
- You can do nothing, your loan will automatically revert to our standard variable interest rate and we'll write to tell you the amount of your minimum monthly or fortnightly repayment ; or
- You can choose another fixed interest rate period to begin immediately your current term expires; or
- You can review your home loan structure. For example, if interest rates have increased, you can extend your loan term to keep your repayments the same. If interest rates have dropped, you can take that opportunity to pay off your loan faster by shortening the loan term to keep your repayments the same; and
- You can split your loan across a variable and one or more fixed interest rate periods.
- We will contact you well before the expiry of your current fixed term. If you would like to talk to a Lending Specialist about these options, simply call 0800 100 600, or visit your nearest ASB branch.
Did this answer your question?
Related Answers
-
If you changed your repayment date to earlier than originally scheduled, the first payment after the change is made will ...
-
Your fixed interest rate and repayments stay the same. Once your home loan is advanced on a fixed interest rate, ...
-
Good question. Our ASB Economist produces a report called the Home Loan Rate Report which provides a summary of interest ...
-
The simple way to pay off your loan is through your Solicitor. Your Solicitor will request a repayment figure and ...
-
There are advantages and disadvantages to all of these options and you need to consider your personal circumstances when deciding. ...
