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Mega Thread The Questions Thread - Part II

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My home loan rolls on over to variable on Dec 1st.
As I understand it you can plonk any amount you want on top of your normal repayments.

If you do this is there a minimum amount of time you MUST stay on variable?

What's stopping me from making a big extra payment, then next month switching to the lower fixed rate?
 
My home loan rolls on over to variable on Dec 1st.
As I understand it you can plonk any amount you want on top of your normal repayments.

If you do this is there a minimum amount of time you MUST stay on variable?

What's stopping me from making a big extra payment, then next month switching to the lower fixed rate?
Nothing at all. If you have excess cash and are likely to continue to have excess cash, then that works. It may also be better to remain on variable and make extra payments to reduce your loan quicker.
 
Nothing at all. If you have excess cash and are likely to continue to have excess cash, then that works. It may also be better to remain on variable and make extra payments to reduce your loan quicker.
Nah I wont be in a position to do that, not the way everything is now- if rates went up and I didnt have the extra cash to cover it.

Will just make a big lump sum im comfortable with and get on fixed for a year! :)
 

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Get off your arse and find out.
Could be Aussie bogan culture,runs deep,356 days a year.

At least he didn't miss his flight ..

But he's probably thinking who could be now...
I'll tip toe across the floor ..

:roflv1::roflv1:
 

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