definitely go to another bank with a lower interest rate
I recently paid $1,800 for exiting within 3 years (if I exited within 1st year it was $3.8, 2nd year $2.8k), I could have avoided paying it if I waited for a couple months, but saw a property I wanted and changed to a bank which offered me interest rate of >0.5% lower than what I was on. Did the calculation and realised it was worth paying $1.8k to get out!
Would you pay less in exit fees if you waited a bit longer? If so, do the maths and see if it's worthwhile to stick it out for a little bit ... coz it is quite a hefty charge!
Having said that, it will be tax deductible.
I recently paid $1,800 for exiting within 3 years (if I exited within 1st year it was $3.8, 2nd year $2.8k), I could have avoided paying it if I waited for a couple months, but saw a property I wanted and changed to a bank which offered me interest rate of >0.5% lower than what I was on. Did the calculation and realised it was worth paying $1.8k to get out!
Would you pay less in exit fees if you waited a bit longer? If so, do the maths and see if it's worthwhile to stick it out for a little bit ... coz it is quite a hefty charge!
Having said that, it will be tax deductible.