Is your fixed home loan coming to an end?
You may be wondering what happens next or what to do. Moving from one interest rate to another, especially in a rising rate environment, can be tricky to navigate. To help with what may be a stressful and confusing time, we’ve put together some information on what happens next, so that you can choose the right home loan option for you.
If you're a customer with us, we'll be reaching out to you directly. But if you have any questions in the meantime, you can always call our team on 13 11 82 and we'll be happy to help.
If you're looking to refinance to People First Bank, you can apply online or get in touch with one of our Home Loan Advisers.
What are your options when your fixed rate ends?
Lock in certainty of repayments with a new fixed rate on your loan for the next one to five years.
Allow your loan to automatically roll over to a variable rate.
Switch to one of our other home loan products which may be better suited to you.
Fix or re-fix your home loan
With a fixed home loan, the interest rate stays the same for the fixed period. At People First Bank you can choose to fix for between 1-5 years. If interest rates increase, you’ll be fortunate enough to keep your current rate within the fixed period. But if interest rates fall, you won't be able to take advantage of the reduced rate.
Benefits of fixing your home loan include:
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The ability to make extra repayments so you can pay your loan off faster
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Guaranteeing your chosen fixed rate for up to 90 days from when you apply to when your loan is funded, with our rate-lock facility
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The certainty of fixed repayments, which can be helpful for budgeting and peace of mind
Choose a variable home loan
A variable home loan has an interest rate that moves in line with the market. This means your repayment amounts may change over time. Rates may rise or fall, which will cause a change to your repayment amount. The change may or may not be to your advantage – this is the risk you take by choosing a variable home loan.
Benefits include:
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The freedom to make unlimited extra repayments, so you can pay off your home loan faster
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Access to extra funds if you're ahead on your repayments, via our redraw facility
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An offset account option - link your loan and transaction account to help reduce interest
Review your home loan options
Circumstances change and it may be time to review your home loan. To explore a loan better suited to you, speak to one of our specialists to discuss available options.
When reviewing your home loan, you may want to:
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Split your home loan
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Top-up or increase your home loan
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Consolidate your debts
Dealing with financial difficulty
If you’re finding it hard to meet your repayments, we’re here to help.
Financial wellbeing
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