All Topics / Help Needed! / Fixed rate or Variable?

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  • Profile photo of jambvjambv
    Participant
    @jambv
    Join Date: 2003
    Post Count: 44
    November 24, 2008 - 12:42 am

    Hi everyone.
    I have a 3yr fixed term IP loan that's due to expire (or convert to variable) at the end of Feb 09. The fixed rate was 6.95%. I'm wondering to whether to fix it again or just stay with whatever the variable rate would be. ANZ cut its fixed rate to 5.99% yesterday. Looks to me the banks are thinking rates will continue to fall. Thoughts?

    Profile photo of Chris WhiteChris White
    Participant
    @chris-white
    Join Date: 2006
    Post Count: 65
    November 24, 2008 - 3:29 am

    It seems that rates are on the way down. A 0.5% – 0.75% rate cut next month is not out of the question.

    I can't see rates moving up for at least another 6 months. Unless you absolutely need the certainty right now, I would stay variable for a couple of months more.

    Most lenders allow you to fix at any time. (some charge a small fee).

    Chris White | Pillar Property
    http://www.pillarproperty.com.au/
    Email Me | Phone Me

    The Property Investment Specialists

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