Depends what your fixed rate is. However, going by recent experience, it will cost you a stack. Within 4 days (no change of rates) my quote for breaking my fixed rate doubled from $5k to near $11k. My rates had an extra year on yours, so the damage wouldn't be as great. Naturally it depends on your time, amount and the current environment. It probably wouldn't be worth it as the rates have come down considerable already. Just email your bank manager and ask them to do a quote for you. Who know's how much longer they will keep dropping. Reports today said that the cash rate might end up near 2.75%. Provided that the banks pass on a majority of future cuts, the standard variable might come down another 1.25% if the above scenario plays out. If it does, happy days!!!!!!
This only comes around once in a lifetime so i will be locking in for longer than 5 years.
