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What is ‘rate lock?

April 26, 2017lock

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What is ‘rate lock?

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Rate Lock lets you secure an advertised St.George Fixed Rate, up to 90 days before your new Fixed Rate home loan settles or the interest rate period on your current St.George home loan ends4. Once secured, this rate is known as the ‘locked rate’. This way, for a fee, you are protected from potentially rising interest rates. Upon settlement, if the advertised rate for your selected fixed rate period is below your ‘locked rate’, you will receive the lower advertised rate. However if interest rates have risen, you will receive your ‘locked rate’. Learn more about Rate Lock.