It really depends on how high you fixed your rate at and for what term? The variable rate is expected to go up agin this year. Most 'experts' are expecting rates to be raised this year by a total of 0.5-1%. Having said that, even the 'experts' don't have a crystal ball! Have you checked how much you would have to pay to break your fixed rate contract? It is usually a LOT of money and you are often better to wait out your contract. Again, it depends on what rate you fixed your loan at and how long you fixed it for. Good luck!
It's worth doing the math. The break fees can be quite high.
A colleague of mine did the math and worked out that variable interest rates would have to be lower on average than they are now for the amount he would save every week to add up to what he would pay in the break fee over the next 20 years. For him it wasn't worth it.
I suspect that whilst it seems like a good idea on paper it works out roughly the same.
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