What is a home loan rate lock break fee?

This is a fee that may be charged if you change or cancel a rate lock agreement before it starts. The fee is usually charged when current market interest rates drop below your locked-in rate. The current home loan rate lock fee is $30 per break and only applies to Choices Fixed home loans.

What is changing on 31 July 2026?

From 31 July 2026, the rate lock break fee for Choices Fixed home loans will reduce from $30 per break to $25 per break.

Why is the home loan rate lock break fee reducing?

We’re reducing this fee to make it more affordable for customers to change or cancel a rate lock if their needs change before the rate lock period starts.