Banks have always announced there fixed rate they now have to also note there comparative rates as well.
Who knows what interest rates will do but at the present moment (I'll quote CBA rates) the variable rate is 6.57% a 1 year rate is 5.99% hence it is cheaper to fix it.
Also I have noticed the bank (CBA again have changed there rates twice in the last 3 weeks with no announcement from the CBA.
At the end of the day do you want certainty or uncertainty with your monthly payments or if you wish fix a percentage of the loan however when your anniversary comes up if you want to change the loan a switching fee applies unless you want variable.
Can someone also tell me why is it that when your honeymoon period expires if you want a fixed rate they charge you but if you want the variable rate there is no switching.
