Rate lock · September 2026
$500 to $750, or a percentage of the loan, depending on the lender.
Bendigo Bank locks for free. CommBank, ANZ, ING, Ubank and ME Bank charge a flat fee. Westpac, NAB, St.George, Bank of Melbourne, Bank of Queensland, BankSA, Suncorp Bank and AMP Bank charge a percentage of the loan, which on $600,000 is usually the dearer way to do it. We read each lender’s own fee page on 22 September 2026and quote it below, with how long the lock lasts and which day’s rate you get. Where a lender publishes no figure, the table says so.
The fee, what it comes to on a $600,000 fixed loan, and how long the rate is held.
| Lender | Fee | On $600,000 | Lock period |
|---|---|---|---|
| CommBank | $750 per fixed loan account | $750 | 90 days |
| ANZ | $750 per $1m of the loan, or part of it | $750 | 90 days |
| Westpac | 0.10% of the loan | $600 | 90 days |
| NAB | 0.15% of the approved limit | $900 | 90 days |
| St.George | 0.15% of the loan, minimum $500, capped at $1,000 up to $2m | $900 | 90 days |
| Bank of Melbourne | 0.15% of the loan, minimum $500, capped at $1,000 up to $2m | $900 | 90 days |
| Bankwest | Not published | Not stated | Not stated |
| ING | $749 per fixed loan account | $749 | 90 days |
| Ubank | $500 | $500 | 90 days |
| Bank of Queensland | 0.15% of the approved loan | $900 | 100 days |
| Macquarie | Not published | Not stated | Not stated |
| BankSA | 0.15% of the loan, minimum $500, capped at $1,000 up to $2m | $900 | 90 days |
| Suncorp Bank | The higher of $600 or 0.15% of the loan | $900 | 60 days |
| ME Bank | $750 per fixed loan account | $750 | 90 days |
| Bendigo Bank | Free, applied automatically | None | 90 days |
| AMP Bank | 0.15% of the fixed loan | $900 | 90 days |
Lender names link to the page we read, or to our page on that lender where there is one. Green rows lock for free. “Not stated” means the lender offers a lock and publishes no figure; the fee is in your loan offer.
One sentence from each lender’s own page, so you can check us, then when the fee is charged and which rate you get.
CommBank — Rate Lock
“The CommBank Rate Lock fee is $750. The Rate Lock fee will be debited from your Related Account when the Rate Lock request is processed. The 90 days commences when the Rate Lock request is processed.” Non-refundable, debited when the request is processed, and a second fee applies if you change the fixed term and lock again. New fixed loans of one to five years only; not switches, splits or top-ups. If rates fall you don't automatically get the lower rate: you can break the lock and take the settlement-day rate, but the fee stays paid. The rate on the day CommBank receives the signed Rate Lock consent from every applicant, held for 90 days from processing.
ANZ — Lock Rate Fee
“This fee is payable on application to lock in the interest rate current at the time of payment of the Lock Rate Fee for a period of 90 days from when the fee is paid.” Payable on application and refunded only if ANZ declines the loan. Fixed terms of one to five years. The fee steps with the loan: $750 up to $1m, $1,500 from $1m to $2m. The 90 days run from the day the fee is paid. The rate current on the day you pay the fee, held for 90 days from payment.
Westpac — Rate Lock
“Our rate lock feature lets you secure the current fixed interest rate on your loan before settlement. And your locked-in rate is valid for up to 90 days. The fixed rate lock-in fee is 0.10% of your loan amount.” Non-refundable. Without it, Westpac applies the fixed rate on the settlement date or the day the fixed term starts. No minimum or cap is published, and the page does not say whether you get a lower rate if rates fall. The fixed rate current when the lock is taken, before settlement, held for up to 90 days.
NAB — Rate Lock
“The Rate Lock fee is calculated as 0.15% of the approved limit, set out in the loan contract and rounded to the nearest $10. Locking the interest rate of the day for up to 90 days from when the completed agreement has been received.” Rounded to the nearest $10, charged to the loan at drawdown once every borrower has signed the Rate Lock agreement, and not charged if NAB declines the loan. If you settle inside 90 days you get the lower of the locked rate and the drawdown-day rate; outside 90 days the current rate applies and the fee is still payable. New fixed loans only, not re-fixing an existing one. The rate on the day NAB receives the completed agreement from every borrower, held for up to 90 days.
St.George — Rate Lock
“Rate Lock will hold the current fixed rate for up to 90 days after you have locked in the rate for a fee of 0.15% of the loan amount (minimum fee amount $500, maximum charge is capped at $1,000 for loans up to $2M).” Minimum $500 and capped at $1,000 for loans up to $2m; uncapped above that. If the rate on the settlement date is lower than the locked rate you get the lower one. The page does not say when the fee is charged. The fixed rate current when you lock, held for up to 90 days.
Bank of Melbourne — Rate Lock
“Rate Lock will hold the current fixed rate for up to 90 days after you have locked in the rate for a fee of 0.15% of the loan amount (minimum fee amount $500, maximum charge is capped at $1,000 for loans up to $2M).” Minimum $500 and capped at $1,000 for loans up to $2m. The fee is taken from the loan proceeds on settlement day, and the lower of the locked and settlement-date rates applies. Not available on a pre-approval; if the lock expires, the published rate on settlement day applies. The published fixed rate on the day the lock is requested, held for up to 90 days.
Bankwest
“If you feel that interest rates could change before your loan is advanced, you can choose to lock in the fixed rate at the time you apply by signing an agreement and paying a fee.” Bankwest says you can lock the fixed rate at application by signing an agreement and paying a fee, and to ask your lender. Neither the fee nor the lock period is on its site. The fixed rate at the time you apply.
ING — Fixed Rate Lock In
“Fixed Rate Lock in $749 (per fixed rate loan account). Charged to lock in your fixed rate prior to settlement.” The rate is only locked once ING has the fee, and the 90 days run from that payment and can't be extended. Settle inside 90 days and you get the lower of the locked and settlement-day rates. The fee is forfeited, and a new one payable, if the fixed term changes or the loan moves by more than $10,000; refunded only if the application is declined. The advertised fixed rate on the day ING receives the fee, held for 90 days.
Ubank — Rate lock fee
“Rate lock fee. To lock in your fixed rate for 90 days from the application date. $500” Optional, on Flex fixed loans only. The 90 days run from the application date. The page does not say when the fee is charged. The fixed rate on the application date, held for 90 days.
Bank of Queensland — Rate Lock Fee
“Rate Lock Fee. We will hold the interest rate for 100 days from the date we process your request after which the rate on the date of lending would apply. 0.15% of approved loan amount” The longest lock on this list. After 100 days the rate on the day of lending applies. The fee guide does not say when it is charged. The rate on the day BOQ processes the request, held for 100 days.
Macquarie
“Some lenders will guarantee a certain fixed rate before settlement but a "rate lock fee" may apply.” Macquarie publishes no rate lock. Its product guide, rate card and fixed-rate help pages don't mention one, and its only reference is a general article saying some lenders charge a rate lock fee. Ask before you apply.
BankSA — Rate Lock
“Rate Lock will hold the current fixed rate for up to 90 days after you have locked in the rate for a fee of 0.15% of the loan amount (minimum fee amount $500, maximum charge is capped at $1,000 for loans up to $2M).” Minimum $500 and capped at $1,000 for loans up to $2m; 0.15% of the balance above that. If the rate falls below the locked rate by settlement you get the lower one. The page does not say when the fee is charged. The fixed rate current when you lock, held for up to 90 days.
Suncorp Bank — Guaranteed Rate Fee
“Guaranteed Rate Fee. The higher of $600 or 0.15% of the amount borrowed (excluding other fees which are financed by the loan). A Guaranteed Rate Fee secures a fixed rate for 60 days following your application.” The shortest lock on this list. Must be chosen at application, on fixed loans only. Without it, the fixed rate on the day of settlement applies. The fee guide does not say when it is charged. The fixed rate at the time of application, held for 60 days.
ME Bank — Rate Lock
“Rate lock will apply for 90 days from when we receive your rate lock request. A $750 fee is payable per fixed rate loan account that you choose to lock in.” Payable at settlement if requested with the application, or when the fixed period starts on an existing loan. You get the lower of the locked rate and the rate when the fixed period starts. The lock is cancelled if the fixed term or repayment type changes. The fixed rate available when ME receives the request, held for 90 days.
Bendigo Bank — Fixed Rate Lock
“Customers currently receive an automatic Fixed Rate Lock if the customer has elected a fixed rate product. Loans must settle within 90 day from the time of the initial application.” The only free lock on this list, and it is automatic on every fixed loan. The loan must settle within 90 days of the application. If rates fall before settlement you get the lower rate; if they rise you keep the application rate. Bendigo's wording is "currently", so it can change. The fixed rate at the time of the initial application, held for 90 days.
AMP Bank — Fixed rate lock fee
“Fixed rate lock fee. Payable at settlement where you have requested that we secure the fixed interest rate on a fixed rate loan. Fixed rates will be locked for 90 days from the day the request is received. The fee is not refundable.” Payable at settlement, and not refundable. The 90 days run from the day AMP receives the request. The fixed rate on the day the request is received, held for 90 days.
A fixed rate is not fixed until settlement. You apply at one rate, the lender approves the loan, and weeks later the loan settles at whatever the fixed rate is that day. On a purchase that gap can be three months. The rate lock is the fee for closing it: pay it, and the rate on the day you lock is the rate you settle at, whatever happens in between.
The sum is simple. A quarter of a percent on $600,000 is about $125 a month, which over a three-year fixed term is roughly $4,500. Against a fee of a few hundred dollars, one rate rise between application and settlement pays for the lock several times over. What the repayment on your loan comes to at each rate is on the repayments pages, and whether the fixed rate is worth taking at all, against the variable rates on the panel, is on the rate monitor.
Two things to ask before you pay. First, which date’s rate is locked: some lenders lock the rate on the day you request the lock, others the rate on the day of application, and if rates moved between the two the difference is yours to carry. Second, whether the fee is charged up front or at settlement, because a lock paid up front on a loan that falls over is usually gone.
$750, and the lock lasts 90 days. ANZ's own page says: "This fee is payable on application to lock in the interest rate current at the time of payment of the Lock Rate Fee for a period of 90 days from when the fee is paid." Payable on application and refunded only if ANZ declines the loan. Fixed terms of one to five years. The fee steps with the loan: $750 up to $1m, $1,500 from $1m to $2m. The 90 days run from the day the fee is paid. Checked 22 September 2026.
0.1% of the fixed loan amount, so $600 on a $600,000 loan, for 90 days. Westpac's own page says: "Our rate lock feature lets you secure the current fixed interest rate on your loan before settlement. And your locked-in rate is valid for up to 90 days. The fixed rate lock-in fee is 0.10% of your loan amount." Non-refundable. Without it, Westpac applies the fixed rate on the settlement date or the day the fixed term starts. No minimum or cap is published, and the page does not say whether you get a lower rate if rates fall. Checked 22 September 2026.
$750, and the lock lasts 90 days. CommBank's own page says: "The CommBank Rate Lock fee is $750. The Rate Lock fee will be debited from your Related Account when the Rate Lock request is processed. The 90 days commences when the Rate Lock request is processed." Non-refundable, debited when the request is processed, and a second fee applies if you change the fixed term and lock again. New fixed loans of one to five years only; not switches, splits or top-ups. If rates fall you don't automatically get the lower rate: you can break the lock and take the settlement-day rate, but the fee stays paid. Checked 22 September 2026.
0.15% of the fixed loan amount, so $900 on a $600,000 loan, for 90 days. NAB's own page says: "The Rate Lock fee is calculated as 0.15% of the approved limit, set out in the loan contract and rounded to the nearest $10. Locking the interest rate of the day for up to 90 days from when the completed agreement has been received." Rounded to the nearest $10, charged to the loan at drawdown once every borrower has signed the Rate Lock agreement, and not charged if NAB declines the loan. If you settle inside 90 days you get the lower of the locked rate and the drawdown-day rate; outside 90 days the current rate applies and the fee is still payable. New fixed loans only, not re-fixing an existing one. Checked 22 September 2026.
A fee you pay to hold today's fixed rate until your loan settles, usually for 60 to 90 days. Without it, the rate you get is the rate on the day the loan settles, not the day you applied. If fixed rates rise between application and settlement, an unlocked loan settles at the higher rate. If they fall, most lenders give you the lower one anyway, so the lock is insurance against a rise, not a bet on the direction.
It depends on the gap between application and settlement, and where fixed rates are heading. On a $600,000 loan, a 0.25 percentage point rise costs about $125 a month, or roughly $4,500 over a three-year fixed term. Against a fee of $500 to $750, the lock pays for itself on a single rate move. On a purchase with a long settlement, or a refinance while the RBA is expected to hold or lift, it is usually worth it. On a quick refinance when rates are falling, it isn't.
Not always the one you saw. CommBank: the rate on the day CommBank receives the signed Rate Lock consent from every applicant, held for 90 days from processing. ANZ: the rate current on the day you pay the fee, held for 90 days from payment. Westpac: the fixed rate current when the lock is taken, before settlement, held for up to 90 days. NAB: the rate on the day NAB receives the completed agreement from every borrower, held for up to 90 days. St.George: the fixed rate current when you lock, held for up to 90 days. Bank of Melbourne: the published fixed rate on the day the lock is requested, held for up to 90 days. Bankwest: the fixed rate at the time you apply. ING: the advertised fixed rate on the day ING receives the fee, held for 90 days. Ubank: the fixed rate on the application date, held for 90 days. Bank of Queensland: the rate on the day BOQ processes the request, held for 100 days. BankSA: the fixed rate current when you lock, held for up to 90 days. Suncorp Bank: the fixed rate at the time of application, held for 60 days. ME Bank: the fixed rate available when ME receives the request, held for 90 days. Bendigo Bank: the fixed rate at the time of the initial application, held for 90 days. AMP Bank: the fixed rate on the day the request is received, held for 90 days. Ask the lender in writing which date's rate is locked before you pay.
Rarely, and only on the lender's terms. Most treat it as paid for the service of holding the rate, whether or not you end up needing it. A few refund or waive it if the loan does not proceed for a reason on their side. It is in the lender's fee schedule, linked in the table; read the row before you pay.
Checked 22 September 2026against each lender’s own fee page, linked in the table; re-read monthly and after any fee change we hear of. Lenders change fees and lock periods without notice, so confirm with the lender before you rely on a row. Arthr Pty Ltd provides marketing and lead-generation services only; credit assistance is provided by 1st Street Pty Ltd, Credit Representative 490057 under Australian Credit Licence 389328.
A broker at 1st Street sees every lender’s fixed rates the same day, and knows which ones waive the lock fee under a package.