Yes, although cancelling your Reserve Rate Agreement will incur a Non-utilisation Recovery charge.
The Reserve Rate Agreement is a contract between you and ANZ for a defined:
- Draw-down date (or Fixed Rate review date)
- Loan amount
- Fixed rate term
- Fixed interest rate
If any of the elements above are changed after the agreement has been completed, the contract is cancelled and a Non-utilisation Recovery charge is calculated. A Non-utilisation Recovery reflects the loss we incur when you don’t use the interest rate we’ve agreed to hold for you, or don’t use it by the date we agreed.
Talk to us if you need to change your draw down date or if you need to change to a different interest rate on 0800 269 4663, as the Non-utilisation Recovery could be large.
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