why are we in a recession, page-84

Hi Kincella..

The banks have now changed,amended,reinterpreted their way to slug you if you wish to break a fixed rate.

Without going into detail, they times the months you have left by their cost of funding now for that amount of money and divide by what they would have got had you stayed on the fixed rate.

Its a diff formula depending on the bank but can be quite expensive.

Ive had several clients on say 8-9% fixed for 12 months longer with $8-30,000 exit costs.

Better to stay and wait imo.