home loans: has anyone had to deal with..., page-3

The 30k penalty will applly if you a closing a fixed loan before term. the 30k represents the interest differential between the fixed rate and the new fixed rates of similar duration. As a result it is not worth breaking a fix loan. it seems your friend fixed only recently at the higher rates worrying they would go higher only to see the opposite. Fixed rates have been cut significantlyin the last month caudsng the 30k balloon. nothing you can do as thats why it is called a fix loan.

As to swapping commonwealth wealth package allows nil cost swaps ie from variable to fixed and fixed to variable at end. however, break the fixed term loan before maturity, you still pay the difference.