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A couple who regretted their decision to fix their home loan for five years in 2023 have been unsuccessful in their complaint against their bank.
They complained to the Banking Ombudsman, which issued a case note on its decision this month.
It said the couple fixed their home loan for one year in 2021 and 2022. But in 2023, they refixed at the lowest rate available, which was for five years.
Reserve Bank data shows that through 2023, the average special five-year rate was between 6.29 percent and 6.66 percent.
This year, they contacted the bank to ask about breaking their fixed term.
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