Articles on: Choosing your loan

What does ‘locking’ a rate mean?

Once you have received your ready approval and have a property added you are able to lock in a rate with your loan guide, or in your tracker on your own.

After you’ve locked, you’re protected if the rates go up for the number of days you locked for (15, 30, 45, etc.). From there, provided the closing occurs as planned and you don’t adjust the terms of the loan, the rate is set and you can relax.

We set the number of lock days based on how long it will take to close and fund your loan. For example, if your purchase contract sets a closing day that's 35 days out and you want to lock a rate, we'd lock you for 45 days.

Updated on: 14/04/2023