Rate Lock

Rate Lock enables you to secure an advertised St.George Home Loan Fixed Rate, up to three months before your new Fixed Rate Home Loan settles or the interest rate period on your current St.George home loan ends. Once secured this rate is known as the 'locked rate'.

This way, for a fee, you are protected from the possibility of rising interest rates. If on your settlement date, the advertised rate for your chosen fixed rate period falls below your 'locked rate', you will benefit from the lower of the current advertised fixed rate and your 'locked rate'.

For example:

Two weeks before settlement, you lock in a favourable advertised fixed rate at 6.5% p.a.^*
Fixed interest rates rise and at settlement the advertised fixed rate is 6.8% p.a.^*	The fixed rate that applies to your loan is 6.5%p.a.,^* as this is your 'locked rate' and it is lower than the advertised fixed rate.
OR
Fixed interest rates fall and at settlement the advertised fixed rate is 6.2% p.a.^*	The fixed rate that applies to your loan is 6.2% p.a.^*, as this is the lower of the advertised fixed rate and your 'locked rate'.

* Interest rates used in this example do not reflect current interest rates.