My wife and I purchased a property in June 2014 for $730,000 (inc stamp duty)
We had $230,000 as a deposit and took out a $500,000 loan
We split the loan into fixed ($300,000 for 3 years at 5.5%) and variable/offset ($200,000)
We are hoping to pay off the variable loan by the end of this year ($35,000 is left to pay off)
Once the $200,000 has been paid in December hypothetically, this'll leave us say about 6 months till the fixed loan 3 years ends.
In this 6 months we can only pay off the maximum monthly allowance for the fixed loan. are we able to and is it worth talking to the bank to see if we can change the fixed loan to variable? What are our options?
Hope this made sense, I'm not too good with all this stuff lol