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When can I change the interest rate on my loan if I have a fixed interest rate?

Last Updated: 16 May 2016

You can choose to change the interest rate on your loan at any time when you are on a fixed interest rate however you need to be mindful there may be a financial implication of an Early Repayment Adjustment (ERA). To avoid incurring an ERA, you can alternatively wait and lock in a new fixed interest rate up to 60 days before the expiry of your current fixed interest rate term. Following this action your loan will then automatically roll onto the new interest rate when your current interest rate ends.  

You can also choose to do nothing, following the expiry of your fixed interest rate term, and your loan will revert to our variable (floating) interest rate. 

As with any important financial decisions, we encourage you to talk to us about your options. To get an ERA quote or find out more about what your options are, call us on 0800 100 600.


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