I stupidly fixed the rate on my home loan when rates were still falling (due to being a bit uneasy about how I'd cope if rates went up on one income). Has anyone ever had any luck getting a bank to lower their fixed rate or let them out of the term early without paying the ERA? If so, what were your tactics for this please? I'm two years into a 5 year fixed term.
Thanks in advance for any help!
Thanks tymatk, already tried this, but it can't hurt to try again!
There is no way.
Why would they, when you borrowed the money, the RBA rate would of been higher than today.
If the rates went up, and the bank asked you, if you'd consider paying them back at the higher rate, what would be your answer.
I've been there, locked in, the rates went down, the early exit fees were to high, so we just rode it out.
The only way is to be really nice to your Mortgage broker or Bank manager who's looking after your account i think.