The answer is slightly different depending on which type of loan you have. Please read the relevant section below:

If you have a standard variable rate loan

The interest rate charged is variable, which means it can go up or down and therefore increase or decrease the monthly payment due to us. We try to avoid changing the interest rate because we know how important it is for you to know how much you have to pay each month. If we do decide to change the rate, we will give you fourteen days notice in writing before the change takes effect.

The principal reason we would increase interest rates, although not the only reason, is if there was an increase in the costs of our funds or interest rates generally. We may also have to increase rates if there was a significant increase in our cost of doing business.

If you have a fixed rate for the first three years and a variable rate thereafter

In this case your interest rate will not change during the three year fixed period. When the fixed rate period ends, your interest rate will become variable, which means it can go up or down and therefore increase or decrease the monthly payment due to us. We try to avoid changing the interest rate because we know how important it is for you to know how much you have to pay each month. If we do decide to change the rates, we will give you fourteen days notice in writing before the change takes effect.

The principal reason we would increase interest rates, although not the only reason, is if there was an increase in the costs of our funds or interest rates generally. We may also have to increase rates if there was a significant increase in our cost of doing business.