All Topics / Help Needed! / Stuck between a rock and a hard place.

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  • Profile photo of AOS productionsAOS productions
    Participant
    @aos-productions
    Join Date: 2007
    Post Count: 2
    February 19, 2009 - 3:48 am

    Hi,

    I want to sell my Investment Property so I asked the bank for a pay out figure which to my shock was over $24,000!

    The majority of this figure is due to a large percentage of the loan being fixed. The fixed rate runs out in dec 2011. i feel that i have made a terrible mistake fixing my loan over a year ago when rates were rising.

    If i decide to sell than i will hardly be making any profit on the deal.

    I would really appreciate some advice on the best way to deal with these break costs or if anyone knows a way around having to pay them.

    Also are there any tax benefits involved with paying the break costs.

    Once again any help will be much appreciated as im really not sure what to do.

    Thanks

    Profile photo of ErikHErikH
    Member
    @erikh
    Join Date: 2007
    Post Count: 118
    February 19, 2009 - 3:51 am

    Maybe you should revisit your reasons for selling?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 19, 2009 - 6:24 am

    You wont convince the lender to waive these as they are his economic cost of repaying the loan.

    Richard Taylor | Australia's leading private lender

    Profile photo of ScampScamp
    Member
    @scamp
    Join Date: 2008
    Post Count: 297
    February 19, 2009 - 8:31 am

    If you sell your home your mortgage will be released WITHOUT COSTS.
    Even if you had 20% interest rates, selling the house will NOT cost you a dime.

    Well.. unless you signed with a dodgy bank or signed a dodgy contract.

Viewing 4 posts - 1 through 4 (of 4 total)

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