My fixed rate loan is about to expire, what will happen and do I need to do anything?
Last Updated: 17 Dec 2024
You have a number of options when the fixed rate period ends:
- You can do nothing, your loan will automatically revert to our standard variable interest rate and we'll write to tell you the amount of your minimum monthly or fortnightly repayment; or
- You can choose another fixed interest rate period to begin immediately after your current term expires; or
- You can review your loan structure. For example, if interest rates increase, you may be able to extend your loan term (total term of loan cannot exceed 30 years) to keep your repayments the same. If interest rates reduce, you may be able to pay off your loan faster by keeping your repayments the same; and
- You can split your loan across a variable and one or more fixed interest rate periods.
- We will contact you well before the expiry of your current fixed term. If you would like to talk to a Lending Specialist about these options, simply call 0800 100 600, or visit your nearest ASB branch. If you're an ASB business customer, you can also contact your Relationship Manager to find out more.
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