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what are the penalties for breaking the fixed term? how are they calculated?
what are the penalties for breaking the fixed term? how are they calculated?
thanks guys, something to bear in mindIt depends on how and at what rate the money was funded, and the cost of the money on the day you want to break the fixed contract. The time to run on the fixed term is also factored in.
In other words, there's no way for you to tell, as the bank doesn't disclose any of this information on a day to day basis.
I've often noticed that if you're wanting to break a fixed rate to save money, the cost of breaking is about double the savings you'd make over the remaining loan term.
Essentially, you need to consider your future needs when you take a fixed rate. If you believe you'll want to shift lender or sell the property within the fixed period, stay with variable.
Additionally you shouldn't fix with a view to saving money. Your attitude to the fixed rate should be that you know what you'll be paying for a set period and you don't care if rates go up or down.
We are with HBS never had a problem with them. though we are variable not fixed on both home loan and IP1. In the process of applying for 2 loans for 2nd Ip one (equity loan) for deposit and costs the other for 80% stand alone
what are the penalties for breaking the fixed term? how are they calculated?
No probs with this lot until you need to extract a title.
dont be like that !
Just read that CUA are now offering 3 year fixed at 6.39%
WOOTTTTING fixed rate ------- 3 years ---- 6.39%!
1 Year Fixed 6.39% p.a.
2 Year Fixed 6.39% p.a.
3 Year Fixed 6.39% p.a.
4 Year Fixed 6.89% p.a.
5 Year Fixed 6.99% p.a
I didn;t want to start a new trend, because i know this will be a NEVER ending battle ---EVERY DAY i get a new email from the bank's about them reducing their fix rates.......
I got words from Bankwest that they will consider going down to 6.25% in a weeks time or so.....
Regards
Michael
hi i think im quite interested with anz offering but im just wondering if breakfree annual fee (which is 375 dollar) covers the admin fee?
i checked their website and found out for fixed account the admin fee is 10 dollar and for variable it's 5 dollar
it seems excessive if on top of 375 dollar a year we are being charged monthly fee too
Hiya
This is why rates are falling....
http://www.theage.com.au/business/deposit-rates-fall-amid-global-jitters-20110818-1iz6f.html