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What happens if interest rates increase or decrease?

April 26, 2017happens increase interest rates

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What happens if interest rates increase or decrease?

1 Answer

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If you have a variable rate loan and interest rates go up or down, your minimum repayment will be recalculated based on the new rate. We will write to you to advise your new minimum repayment and the date it becomes effective. If you have a fixed rate loan your rate and repayments will not change during the period of the fixed rate agreement.