Some important things to note about ratelock

Choosing to lock in your new rate comes with a few conditions. If you make any changes outlined below before the start of the new ‘fixed rate period’:

• we will charge you a ratelock funding charge. The charge will be $25 per facility; and
• it would also mean we couldn't guarantee the previously agreed rate.

We will only charge you a ratelock funding charge if you:

• pay off the full ‘amount outstanding’ before your current ‘fixed rate period’ ends; or
• move to an ‘agreed annual interest rate’ (either fixed or variable) that is lower than the rate you ratelocked, unless the only reasons that the ‘agreed annual interest rate’ is lower are because we have agreed to:
  • remove or reduce a low equity interest rate premium; and/or
  • change the type of ‘base interest rate’ (e.g. Residential Investor or Residential Owner Occupied).

Before the start of the new ‘fixed rate period’:

• we can add, increase, remove or reduce a low equity interest rate premium; and/or
• we may agree to change the ‘base interest rate’ type from Residential Investor to Residential Owner Occupied, or vice versa.

This may increase or reduce your ‘agreed annual interest rate’.

Once you’ve locked in your new rate, we will send you a letter confirming the changes by email or post.

You can cancel the ratelock within 5 working days after the date you receive this confirmation letter. Please refer to the cover letter for your BNZ contact details. If we have not provided you with all the information we should have in the time frame required by law, you may have longer to cancel.