Some people are just so stupid People are complaining that they fixed their mortgage rate and now that the rates have gone down almost or over 3% they want their rate to change. But to do that they have to break their contract and pay a hefty fee to change the loan to a variable rate.
You can't have it both freaking ways. When the rates were going up every month you weren't complaining because you were protected but that’s the sacrifice you have to make, of missing the rate cuts.
You're breaking a contract and the bank has to suffer a loss so to make that up they charge a fee.
I do think it’s stupid that they put a maximum amount you can pay a month and you get a fine if you pay more than that amount or pay off the loan early.
But once again that’s all in the contract.
I do think the banks are just money hungry organisations but people should read their contracts top to toe a few times so they know what they are getting into.
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