Dubrov is correct here....i've had a customer who recently approached his lender to move into a variable rate from a fixed rate, which the bank offered without penalty and after talking it through with me and checking his original loan agreement, it turned out that he had a Tracker option, which if he waits and takes this, would mean that he will have 1.5% approx lower rate than the standard variable rate, saving him thousands per year. My advice........"ALWAYS GET INDEPENDANT ADVICE", check the fine print!