How can I avoid an Early Repayment Adjustment (ERA)?
If you’re looking for ways to pay off your fixed interest rate loan faster, there is some flexibility to do so without incurring the cost of an ERA. One option is to increase your regular repayments by up to $1,000 per month or $500 per fortnight. As long as you commit to those increased repayments for the remainder of the fixed interest rate period then we will not charge you an ERA.
In some circumstances, if you decide to sell your home and purchase a new home, you may be able to keep your existing fixed interest rate home loan in place and substitute the new property as security for that loan, without incurring the cost of an ERA. If you are considering some changes to your loan with ASB, talk to us to find out more about how this could impact you financially. ASB’s lending criteria will apply.
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