Hi,
I got a situation where I'm unsure if I should move my loan or stay with it. I'm looking from the view that IR will likely go up than down at the moment so was thinking of fixing. But I have this dilemma if I should move or not out of the loan to a fixed loan.
Got a 350K loan at 7.90% variable. Unfortunately, the lender has fixed loans that is higher - 8.26% cheapest at 2yrs. So I was thinking of going else where for a fixed loan. The problem is the loan isn't more than a year old and the break fee is this deferred admin fee of 1.80% of the original loan (ouch).
Am I better off staying and taking the hit of another IR likely to come or is there a fixed loan that is cheaper than could offset the fee release?
Appreciate any feedback.
I got a situation where I'm unsure if I should move my loan or stay with it. I'm looking from the view that IR will likely go up than down at the moment so was thinking of fixing. But I have this dilemma if I should move or not out of the loan to a fixed loan.
Got a 350K loan at 7.90% variable. Unfortunately, the lender has fixed loans that is higher - 8.26% cheapest at 2yrs. So I was thinking of going else where for a fixed loan. The problem is the loan isn't more than a year old and the break fee is this deferred admin fee of 1.80% of the original loan (ouch).
Am I better off staying and taking the hit of another IR likely to come or is there a fixed loan that is cheaper than could offset the fee release?
Appreciate any feedback.