Financial Advice Sale & Security

[MVL]

Question for the experts

Currently I have a freehold property rented with a CV of $400k (2011) returning $300p/w and a investment property with a mortgage of $380k returning $440p/w I'm also waiting for another property to go conditional next week (Re:finance). On both properties I'm going to use and have used the the freehold property as security.

If i was to sell the freehold property and then re pay the security back to the bank which is roughly $130k each for both properties (all going to plan) would i be hit with fees for making a lump sum payment? i think i have 1year left on my fixed term.

[Anthonyacat]

Probably. Would depend what your contract says, and what the banks are thinking at the moment.

If your fixed term is at lower rates than currently offered (unlikely) there may be no fee.