What rate are you paying on your Variable Home Loan?

[AnyDream]

Hi all,

Just wondering what rate other ppl are paying on their variable home loans.

Mine's 6.74%...hmmm doesn't seem to have come down quite as much as it should. It's more than we were paying when the loan started even though the RBA's rates are at a 30 year low...

[saslia]

Currently ours is 6.41% will be going down to 5.41% after the rate last week.

[Jaycee]

Ours is now 6.91 and will be 5.91 soon due to last week's rate cut.
I think maybe the reason you are paying a higher rate than when the loan was first set up is because your bank hasn't passed on the full rate cut each time?
Hope that helps

[Danni]

Ours is currently 6.34% and as of the 16th February, it will drop to 5.34%

[Nicambhar]

ours is 6.04% and will drop to 5.04% when they finally adjust the rate .

[AnyDream]

Ok, rang the bank, they are dragging their heels (making a profit like usual) and the rate will change by a full 1% on the 13th. There was a rate change last week - but that was before the RBA's announcement (ie prolly the bank dragging their heels making a huge profit on the previous rate cut).

[Yael]

Ours is 5.43% and we have to wait until the 19th to see how much of the rate cut will be passed on.

[Megan]

We're currently paying 6.01% and with the rate cut will be at 5.01%

[Aimz]

I work for a credit union and currently our staff rate is 5%!!!!!! Pity my loan isn't with them and Wizard want to charge me $14K to get out of my fixed loan!!!!

[Nicambhar]

amysarah - I though that the gov fixed it all up so that people could change loans without being charged huge exit fees?

[Aimz]

Unfortunately that doesn't apply to fixed home loans - it's a different contract. Banks used to charge huge amounts for simply exiting a variable home loan if it was within a 5 year period.

[Nicambhar]

aaahhh poo, that sucks then.

[Loula]

We're currently paying 6.01% and with the rate cut will be at 5.01%

Hey Megan who you with ? we are about to change our lender

[Willow]

It does suck, we're in the same position Amy, we have about 18 months left on our fixed rate but we're only paying 6.5% and have no other debt so we're ok about it for now....if they go under 5% we'll be miffed! LOL, but gotta think of the money we've saved over the last 3.5 years too, I think we'd still come out ahead.

[Karina]

Ours is 6.35% at the moment, and when the rate cut kicks in it will go down to 5.2%. I'm quite happy about that as they're lowering it by more than what the official cut was. We're with a credit union.

We were on a fixed rate last year and once the variable rates dropped below what our fixed rate was, we changed back to variable. There was no break cost, so it was no big deal to change it back. I know some people who fixed their home loan at 9.2% for 3 years (or maybe it was 5 years?) and have to pay almost $20,000 to break the fixed rate. I'd hate to be in a fixed rate like that.

[Megan]

Hey Megan who you with ? we are about to change our lender

Sorry Lou, only just saw this. We're with Commonwealth at the moment and went with them 12 months because they had the best cheap loan! It's their very basic home loan for new lenders and we only get the low rate until 2010 (3 years).

[melbel]

Karina that is exactly us...we are about to break our loan and will be up for $19,000 in break fees...even with that however our repayments are going to be substantially less to refinance onto a vriable rate at this stage...it sucks but we gotta do it.

[maz]

Our loan is now 5.1% - we got a special rate when we got our variable with the commonwealth that for the first 3 years of the loan we get an extra .25% of the rate. love it....I checked today to see our repayments and if we keep paying what we are at the moment our homeloan will be paid of in 11 years .... as if that is going to happen