Bankwest Forum

Ask a new question
Reply
New Member
SOLVED
Accepted Solution

Fixed homeloan rates increase?

Posted by Drcampbell86 Drcampbell86
Message 1 of 3 795 Views
Got a letter today to say the interest rate on my home loan has been increased even though it was meant to be a fixed rate for two years. Just curious as to how it can be fixed if it gets lifted. Doesnt that make it variable?
Reply
0 Kudos
Moderator
SOLUTION

Re: Fixed homeloan rates increase?

Posted by LyndsC LyndsC
Message 2 of 3 787 Views

Hi @Drcampbell86, I can assure you that if your loan is a fixed rate home loan, your rate can't increase during that fixed period, which in your case is 2 years.

The recent interest rate change refers to our variable rates, which will be relevant to you when your fixed period ends. We advise you every time there is a change because the transition from fixed rate to variable is outlined in your original contract.

 

New Member

Re: Fixed homeloan rates increase?

Posted by Drcampbell86 Drcampbell86
Message 3 of 3 774 Views
Cheers for the reply and for explaining things. Thought that might be the case. Appreciate the help Smiley Happy
Reply
0 Kudos
Ask a new question
Top kudoed contributors

Bankwest SWIFT code: BKWAAU6P | Find your BSB by logging into Online Banking
© 2017 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.