rate-lock

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Rate Lock Features and Benefits

Features

Fixed Rates are subject to change until funding. Rate Lock is an optional feature that allows your customer to lock in their reference interest rates on new Fixed Rate home loan and Fixed Rate investment home loan applications for 90 days for a non-refundable fee, charged per fixed rate loan account. fixed rate loan account. 
The Rate Lock feature must be selected for each Fixed Rate loan account your customer is requesting the Rate Lock to be applied to. For example, your customer with two Fixed Rate loan accounts will need to apply for two Rate Locks.
Rate Lock Fee is charged per fixed rate loan account on each application.

Rate Lock Eligibility

Rate Lock is not available for CommBank Green loan applications, switching, splitting, top-ups, loan purpose transfers or repayment changes.
Home Seeker applications are not eligible for Rate Lock and the rate discussed during the Home Seeker application can’t be locked in. If the application involves a purchase, a signed Contract of Sale must be received by CommBank prior to requesting Rate Lock.

Apply for Rate Lock

When Rate Lock was requested...	Steps
New applications with Rate Lock requested at submission stage	You must select the Rate Lock feature in loan details section in ApplyOnline. Attach a Rate Lock Form to the application in the Documents tab before submission. See Rate Lock Process
New Rate lock Request for loan applications in progress	Complete the Rate Lock Form (007-200) and email as a supporting document to tpbpaperlessloan@cba.com.au. along with application comments

Note: The reference rate is only locked in once the form is imaged to the application, therefore it is critical that the completed form is received by TPBpaperlessloan@cba.com.au as a priority.

Rate that’s locked in

The reference interest rates applicable to your customers Rate Lock will be on the date we receive the completed Rate Lock consent from all applicants.

Rate Lock Period

Rate Lock will commence when the request is processed and expire 90 days after we process the Rate Lock request (which is when we charge the Rate Lock Fee). If your customer's Rate Lock expires on a non-business day, the expiry will be extended out to the next business day.

Request new Rate Lock after an existing one has expired

Where a Rate Lock period expires and your customer takes no action, then the reference interest rates on funding will apply.
Rate Lock can't be extended, however a new rate lock can be requested at the new reference interest rates
For this new Rate Lock request, your customers will have to apply for a new Rate Lock at the new reference interest rates, this could be lower, higher or the same as their previously locked in reference interest rates.
Your customer must pay a new Rate Lock Fee.
You must follow up with your customer during this time to determine if Rate Lock is still required.

Trade-offs

The Rate Lock Fee isn't refundable.
If rates go down, your customer doesn't automatically receive the lower rate, they'll need to break their rate lock to revert to the reference interest rate available on the funding date. The Rate Lock Fee won't be refunded.
If your customer changes Fixed Rate terms, they'll be charged another Rate Lock Fee if they want to lock in the new rate.

Rate Lock Fee

Fee amount	When the fee applies	Delegation to waive or reduce the fee	Collecting the fee
A fee of $750 will apply for each Rate Lock selected. The fee is payable when we process the Rate Lock request. The rate lock fee is charged per fixed rate loan account in the application. For example, your customer applying for a Rate Lock on their 1 Year Fixed Rate and 2 Year Fixed Rate home loans will be charged two Rate Lock Fees (one for each loan).	The Rate Lock fee applies where your customer requests to Rate Lock their Fixed Rate home loan.	There is no delegation to waive the Rate Lock Fee The fee is not refundable.	The Rate Lock fee will be debited from a customers Related Account when the Rate Lock request is processed. If there are insufficient funds in that account, or the account is no longer open, then the Rate Lock fee will be charged to the customers home loan and the customers home loan will go into arrears (and fees may be charged). The 90 days commences when the Rate Lock request is processed.

Fee amount

When the fee applies

Delegation to waive or reduce the fee

Collecting the fee

A fee of $750 will apply for each Rate Lock selected. The fee is payable when we process the Rate Lock request.

The rate lock fee is charged per fixed rate loan account in the application. For example, your customer applying for a Rate Lock on their 1 Year Fixed Rate and 2 Year Fixed Rate home loans will be charged two Rate Lock Fees (one for each loan).

The Rate Lock fee applies where your customer requests to Rate Lock their Fixed Rate home loan.

There is no delegation to waive the Rate Lock Fee

The fee is not refundable.

The Rate Lock fee will be debited from a customers Related Account when the Rate Lock request is processed. If there are insufficient funds in that account, or the account is no longer open, then the Rate Lock fee will be charged to the customers home loan and the customers home loan will go into arrears (and fees may be charged). The 90 days commences when the Rate Lock request is processed.

Rate Lock Process