If a Fixed Rate mortgage loan is fully or partially repaid early or you change to a different interest rate during the fixed rate term, an early breakage cost may be applicable.
The circumstances where Breakage Costs may arise are:
- Paying a lump sum to a fixed rate mortgage
- Requesting to change the term of a fixed rate mortgage
- Requesting to increase loan repayments on fixed term
- Requesting to change from a fixed rate to either a new Fixed Rate or a Variable (LTV) Rate
- Paying your fixed rate mortgage loan off early
You will not have the flexibility to Break out of the Fixed Rate without potentially incurring a breakage cost. For further information please click Home Mortgage Regulatory Information