Variable rate

Hi



Situation is as follows:



Borrowed 700k Westpac in March 2013 (property purchased 840k)

300k was fixed for 2 years at 4.99

400k fixed for 5 years for 5.69



Fast forward to the present and the 2 year fixed rate is up for renewal.



Property is now worth about 1.2/1.3m



I have about 120k excess cash (with the max of 30k in the 5 year fixed redraw account).



Westpac offered last week 2 years fixed at 4.45% or a variable rate with offset at 4.70% for the 300k that is up for renewal.



I plan to choose variable so I can have an offset account as I may purchase a second property in the future.



Questions:



1. What is the best Westpac variable with offset for 300k? I think 4.70% is a little high. Has anyone in a similar position got a better rate with Westpac?



2. Considering that the break fee on the 5 year fixed (with now 3 years is huge around 15k mark), do I have any options in terms of going with other lenders or other strategies until the 5 year fixed is finished in March 2018?



Many thanks.

Variable rate