What is a 'rate lock'?
A rate lock is a guarantee from your lender stating that they will honour an advertised fixed rate for either up to 90 days before your home loan settlement date, or the interest period on your current home loan ends.
Often there is a fee to lock an interest rate however, you are protected from your interest rate potentially rising during this period. If the fixed interest rate lowers over the period of your rate lock, then you may still be able to receive the lower of the two rates.
Feel free to speak to a Lendi Home Loan Specialist for more information.