Home loan fixed term ending

Fixing your interest rate may mean you can budget with confidence, knowing what your new repayments will be. 

If you’re fixing your home loan’s interest rate, you can lock in a new rate up to 60 days before your fixed rate period ends. To do so, you’ll enter what’s called a Reserve Rate Agreement. 

Entering that agreement means that the interest rate is locked in even if interest rates change before your new loan starts or before the existing fixed rate period on your loan ends.

Before you enter a Reserve Rate Agreement and lock in an interest rate, check it’s right for you.

You’ll get the rate you locked in, even if interest rates go down after you entered the Agreement. 

If you change your mind and want to cancel your Agreement or ask for a different interest rate or other changes to your loan, you may incur a Non-utilisation Recovery. 

A Non-utilisation Recovery is an amount you must pay us to compensate us for the loss we may incur when we’ve reserved a rate for you and you don’t use that rate, or the terms we’d agreed, or you cancel or change your Reserve Rate Agreement, including asking for a different interest rate or other changes to your loan.  

For more information about Non-utilisation Recovery and how it is charged, see Home loan rates, fees and agreements.

If you don’t do anything before your fixed rate period ends, you’ll automatically switch to our floating rate. Remember, with a floating rate you can make extra repayments to pay off your home loan sooner, and can ask us for other changes to your loan without incurring a fee. Just call us on 0800 269 4663 and we’ll help you structure your loan to suit your needs.

For more information see the ANZ Home Loan with a floating rate page. 

If you’re concerned about making your repayments, please reach out to us as soon as you can. We’re here to help – we’ll take time to understand your situation, work through your options and then discuss what they may mean for your home loan over the longer term. Call us on 0800 269 296. 

We know circumstances can change. You may want to check if your sum insured is still enough to rebuild your house to the same size or specification. Or whether your level of cover is right for your current debt level to help protect you and your family. We’ve partnered with insurance specialists who can offer you a range of options to suit your needs.