Frequently Asked Questions

When you submit your application for a new fixed rate home loan with Heritage, you can request to lock in a fixed interest rate and term. This is called a rate lock, or a Rate Guarantee.

You can request a Rate Guarantee up until you receive unconditional approval for your fixed rate home loan.

A Rate Guarantee can help reduce repayment uncertainty when you're applying for a fixed rate home loan. It allows you to 'lock in' a fixed interest rate and term until your home loan settles (for a maximum period of 90 days). When your fixed rate home loan with a Rate Guarantee settles, you will receive the lower of two interest rates: either the fixed rate on the day you submitted the Rate Guarantee OR the fixed rate on the day your loan settles.

A Rate Guarantee at Heritage attracts a fee of 0.15% of your approved basic loan amount. During your fixed rate home loan application, you will be given a Rate Guarantee Application and Acknowledgement form to complete to request the Rate Guarantee or not. The form includes the terms and conditions that apply to a Rate Guarantee.

If you choose not to request a Rate Guarantee, you will receive the fixed rate on the day your loan settles. This rate may be higher or lower than the fixed rate at application.

Ask your Lending Specialist about our Rate Guarantee option when you apply.