Getting out of a Fixed Westpac Loan

[vin007]

Can anyone help me please

I was told by my bank manager to fix my house loan before the rates go up so I did

I changed it to $179,000. fixed and
$ 70,000 variable

My fixed interest rate is 8.9%

How do I get out of it so I dont pay so much in fees or can I change it to another bank, what can I do??

Help!!!

 

[Spectre]

Vin

IMO... to get out of it....and not pay... tis doubtful.

odds are you can increase your variable to buy the next property

Be thankful you didnt fix the whole lot as so many did and at least westpac has a flexible fixed rate

Or move out and get a great negative gear and buy a new place (if you do use a broker mebbe)

read through these, they might help you - they are all about fixed rates and people havin the same problems as you

http://www.somersoft.com/forums/showthread.php?t=47278

http://www.somersoft.com/forums/showthread.php?t=46705

http://www.somersoft.com/forums/showthread.php?t=46061

http://www.somersoft.com/forums/showthread.php?t=46534

http://www.somersoft.com/forums/showthread.php?t=46629

 

[sue78]

How far are you into the loan term? I am trying to get out of mine atm and we only have 10 mths left of a 3yr [email protected]% so the cost to get out will be much lower, maybe a few hundred.

I only want to get out of 1 loan though (most mine are fixedat that rate) coz I want to pay it out.

 

[Jamie_D]

Can anyone help me please

I was told by my bank manager to fix my house loan before the rates go up so I did

I changed it to $179,000. fixed and
$ 70,000 variable

My fixed interest rate is 8.9%

How do I get out of it so I dont pay so much in fees or can I change it to another bank, what can I do??

Help!!!

You will save approx $4000 per annum based on a 6.99% rate as opposed to current 8.9%.
If break costs are around $8000 then is it worth it in the end?....I'd say, ummm, your decision!
Maybe go variable for the time being and pay off as much as possible. You are restricted with fixed rate loans.

How long left on the fixed rate?
Who is it currently with as there could be other break/exit fees?

 

[vin007]

It is with the Westpac Bank, it is fixed for 3 years, I changed it to fixed 3 months ago.

$179,000.00 is fixed and $70,000.00 is variable.


What would be the best option? and what do you suggest I do?

You will save approx $4000 per annum based on a 6.99% rate as opposed to current 8.9%.
If break costs are around $8000 then is it worth it in the end?....I'd say, ummm, your decision!
Maybe go variable for the time being and pay off as much as possible. You are restricted with fixed rate loans.

How long left on the fixed rate?
Who is it currently with as there could be other break/exit fees?

 

[Rolf Latham]

Hiya

Ring and ask for the payout figure on the fixed rate to variable rate conversion.

I doubt it would wash financially, but lets see

ta
rolf