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Fair call and thanks for the above replies. I am aware of the shortcomings of my 'stragery' although thought it was worth asking the question. The above responses above are clear and only convinces me more that fixed rates aren't for me as I would rather feel pain with everyone else rather...

I am one of those unfortunate people who are committed to a fixed rate loan at 8.5% for another 2 years - loan $430K. Currently, I calculate that it is costing me about $700 extra in Interest Only repayments due to the drop in rates. Not sure if this would work but I am willing to commit to...