Common use of Reference Interest Rate Clause in Contracts

Reference Interest Rate. The reference interest rate for fixed rate mortgages of an initial term of 5 years or more is currently the higher of 4 per cent or the product charging rate, but this may vary with product change. The reference interest rate for all other mortgage products will be the higher of 5.5 per cent or the product charging rate plus 2%.

Reference Interest Rate. The reference interest rate for fixed rate mortgages of an initial term of 5 years or more is currently the higher of 4 per cent cent. or the product charging rate, but this may vary with product change. The reference interest rate for all other mortgage products will be the higher of 5.5 per cent cent. or the product charging rate plus 2%.