Existing customers who don’t have an existing fixed interest rate loan and wish to establish one, the deadline to fix your interest rate is 30 June 2023.
Customers who wish to rollover an existing fixed interest rate loan, please refer to the maturity letter/email we sent to you for your due date.
In addition to submitting your fixed interest rate loan request, your fixed interest payment (if prepaying) will need to be received by the start of your new fixed interest rate loan.
If you don’t have a BT Margin Loan and would like to learn more, please visit the BT Margin Lending website for further information.
Read the information below or download Additional Information about Fixed Interest Rate Loans (PDF 118KB)
It is a loan where the interest rate is fixed (stays the same) for an agreed period.
Fixed and variable loans each have different benefits and risks and you should consider which type of loan is best for your based on your personal situation. Before you make a decision, we recommend that you seek advice from your accountant or financial adviser.
Interest rates can increase and decrease over time, and these changes can impact the amount of interest you pay on your loan. Variable and fixed interest loans also typically have different applicable interest rates based on the amount borrowed. You should consider the amount you intend to borrow and the impact of potential changes in interest rates on the amount of interest you may pay over the life of your loan.
If you believe that interest rates will fall during your proposed loan period, a variable interest loan may result in paying less interest over the loan period. If you think that interest rates will rise during this period, then a fixed interest loan for all or part of your loan balance may result in paying less interest over the loan period.
Cash flow considerations may also impact your decision as to which type of loan is best for you.
If interest rates rise during your fixed interest rate term, then you may pay less interest than if you have a variable rate loan.
Your interest rate is fixed for a chosen period of time and this is known as the fixed term of the loan. During this time, your fixed rate loan is unaffected by changes to interest rates. Instead you will pay a pre-agreed amount of interest for the term of the fixed rate loan.
Interest rates can decrease during the period that you have chosen to fix your interest. This can result in your fixed interest rate being higher compared to current interest rates. If you repay or make a lump sum payment to your fixed rate loan during the fixed rate term, then you might have to pay a fee (see 'Are there any other fees I should consider...' below).
At the end of the fixed rate term, you can select either a new fixed rate loan or your existing fixed rate loan will automatically switch to the variable rate prevailing at the time. We will communicate to you prior to the expiry of your fixed interest rate term with instructions on how to select a new fixed rate loan.
When we agree to lend you money at a fixed interest rate, we do so on the undertaking that you will make certain fixed rate payments for the whole of the fixed rate term. If you decide to repay your fixed interest rate loan before it matures you will still be charged the set amount of interest for the original term of the loan. This means that we will not refund the amount of interest that you have prepaid and you may be charged a break cost as per below.
If you decide to break or switch your fixed rate loan before it matures then you may need to pay an amount to us known as a break cost.
Break costs can be charged to your loan where you have sufficient funds available, in order to cover these costs. You should consider speaking to your financial adviser if you require clarity on the risks associated with terminating your fixed interest rate loan early.
The other provisions of the margin lending facility between us continue to apply including any rights and obligations regarding termination. In particular, if the facility is terminated early (including under Clause 7.1 of the current terms) then you and any security provider must pay us for any losses or costs (including any break costs) we suffer. These losses are likely to be affected by the change in wholesale market rates, and the remaining fixed interest rate period when the termination occurs.
Read the information below or download Fixed Interest Rate Loans - Frequently Asked Questions (PDF 224KB)
For existing customers please refer to the due date on your rollover letter/email.
For new customers who haven’t previously fixed their rate or existing customers wanting to change the start date of their fixed rate loan, the deadline to fix the rate on your BT Margin Loan is 30 June 2023.
The prepayment periods you can prepay for are 3, 6, 9 and 12 months. You may also fix your rate for up to 5 years but can only prepay for a maximum of 12 months.
To take up a fixed rate offer, please choose the amount you wish to fix and your payment method then either:
The payment options are:
This option will increase your variable loan balance by the amount of the interest to be paid. This is also the default option if any other payment option (aside from compounding) fails. Payments that place the loan account into the buffer will not be accepted.
BPAY® Biller Code: 17111
Ref: Your six digit reference number
Account Name: BT Margin Lending
Account No: Your six digit reference number
Download and complete the Direct Debit/Direct Credit Request Form and return with your Fixed Interest Rate Request form.
Pay directly from your Geared Panorama Cash Account.
Compound the interest to your fixed rate loan for the term of the loan at initial drawdown. Choose an option below. If no option is selected then the default is option 1.
If you have an existing prepaid fixed loan, your interest payment is due on the date your current fixed margin loan expires. This date will appear in the renewal offer letter you receive.
If you are a new BT Margin Lending client or are switching from variable into fixed, your interest payment is due on or before your fixed BT Margin Loan term commences. Please note, if no payment is received by the due date, payment will be taken from funds available (provided there are sufficient funds).
If we don’t receive your fixed rate contract acceptance by the due date then your fixed rate contract may not be able to be established and will revert to a variable interest rate.
Please notify BT Margin Lending in writing at least 10 business days prior to your fixed loan due/start date.
Please notify BT Margin Lending via fax, email or mail.
Should we reduce our fixed interest rates on or before the date your current fixed interest rate loan matures, we will decrease your new fixed interest rate by an equal value.
In the event we increase our fixed rates on or before the date your current fixed loan matures, and we have received your fixed interest rate loan contract by the due date set out in your rollover letter/email then the fixed interest rate set out in that letter/email will apply. However, if we have not received your fixed interest rate loan contract by the nominated due date, then we may increase the fixed interest rate for your requested fixed interest rate loan to reflect any such increase.
If you wish to prepay certain amounts for each loan, the interest payment will be due on each loan’s expiry date. If you choose to prepay your total loan balance, your interest payment will be due on the later of the two loan expiry dates. Please note: you should receive one pack per fixed loan.
If you don’t have an existing fixed interest rate loan and would like to establish one, please contact us on 1800 816 222 to confirm your rate before completing the online form.
BT Securities Limited ABN 84 000 720 114, AFSL No. 233722 and Westpac Banking Corporation ABN 33 007 457 141, AFSL No. 233714 (Westpac) are together the issuers of the BT Margin Lending Margin Loan - Product Disclosure Statement (PDS), a copy of which can be obtained by calling 1800 816 222 or from the BT Margin Loan downloads. This information has been prepared without taking into account your personal objectives, financial situation or needs.
For this reason, before acting on the information you should consider its appropriateness to your objectives, financial situation and needs and consider the disclosure documents which include the PDS. The PDS and other disclosure documents are relevant when deciding whether to acquire or hold this product.
Neither Westpac nor any of its respective directors, officers, employees, associates or its subsidiaries guarantee or give any assurance in regard to the capital value, income return or performance of any securities or investments acquired through or in relation to a BT Margin Loan.
Any reference to taxation matters is a general statement only and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and proposed announced tax amendments. The individual situation of investors may differ and investors should seek independent professional tax advice on any taxation matters.