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Ok, It seems that Bankwest doesn't give me flexibility with the fixed rate loan and lots of penalty if I do wrong :-/ 1. no 100% offset 2. cannot pay more than what the direct debit ask me to pay. so my conclusion is that I will leave the account as is (variable). so what make you guys...

Hm.. yes you are right. I guess 5 years is a bit too long for Fixed Interest Only loan :-)

Well, at least 3 years, since I feel that there will be no more rate cut I guess, because with the current condition, it reflects back to 3 years low. any interest rate movement will be just up rather than going down. the last interest cut wasn't followed by the big 4 banks anyway making RBA...

Yes, I think now it is a good time to convert variable rate into fixed rate for the next 3 to 5 years interest only.