Just a little warning for anyone out there with Commonwealth Bank Variable Rate Home loans, whom may have been waiting for to the market to bottomed out a little prior to possibly fixing.
The fixed rates are heading up on Tuesday next week so if you are looking to fix then you have until Monday to organise it. If you do fix you can put extra repayments into a fixed up to $10kpa however you do not have a redraw facility. There is a relatively small charge for fixing as well.
Also if you do fix please only fix for the period you intend to stay in the property. If you pull out of a fixed loan to either Refinance and or Sell then you could be up for early payout interest. The amount that you will be charged is based on many variables which include time that you have remaining in your fixed loan, amount you fixed for, and rate the bank works off (possibly the cash rate depending on bank).
A general rule of thumb is if you fix at the bottom of the market, and the rate the bank has their fixed product at the time is higher then you should not have much if any payout, however if it is the other way round ie: you fix higher, then the market falls (as has in the past year) then you may be up for high exit fees. Always check with your bank to their policies regarding their fixed rates.
I cannot advise on what is the best thing for anyone to do with regards to their rates, everyone has different circumstances and what might be right for one person may not be right for the next. If you are on variable and you stay on variable you will be aware of the risks, no different to fixing your loan at todays rates and then next week instead of going up they fall (it can happen).