answered
Q: Are banks still able to penalise you for paying out the loan early?
A: Hi,
You can pay your variable loan in full any time with no penalties. Banks only charge small exit fee which could be anywhere around $300
Penalties do apply when you pay your fixed loan which is called as break cost. It is calculated at the time you break your fixed loan and it is based on fixed term left and the fixed rate at that time.
