My partner and I are analysing how we can most effectively reduce out mortgage. We have a $520k mortgage which is $130k variable with a linked offset account and $390k fixed. Our offset account has almost offset the variable loan. Once we have $130k in the offset we can put another $30k in the fixed loan to reduced interest payable, however if we go over $30k we are charged partial break fees.
Our variable and fixed are about 5%, break fees on the $390k fixed are approx. $4.6k, we could do a partial break and pay partial break fees but I don?t know if that?s effective. There?s about 2 years 4 months left on the fixed rate loan.
What are some good options to pursue in our circumstances?
Our variable and fixed are about 5%, break fees on the $390k fixed are approx. $4.6k, we could do a partial break and pay partial break fees but I don?t know if that?s effective. There?s about 2 years 4 months left on the fixed rate loan.
What are some good options to pursue in our circumstances?