What rate are you paying on your Variable Home Loan?

[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

[Maruschke]

5.07% with Heritage, I love heritage! They pass on the full rate cute every time, unlike some of the other banks (grrr!!!).

[Karina]

Melbel, I guess as long as its going to save you money then why not change!