If you fix your loan and you need to refinance or sell,there is a break free and penalty depending upon the difference between the current RB rate and the fixed rate.
If rates fall and your fixed rate is higher than the current rate, the penalty will be higher as the bank will penalise you for breaking and going to a lower variable....if it's substantially higher and current rates are for example 2% higher than the rate your fixed at...there is typically no penalty.
As they say...the bank never loses.
DYOR
welcome to our nightmare year, page-14
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