I currently have a $500K 4-yr fixed, interest-only loan at 8.29%....it was fixed Feb 2008.
With the RBA unable to drop interest rates fast enough, I'm now kicking myself for fixing.
My bank said I can break the fixed contract, but it will cost $33K in economic cost.....lovely
What I'd like to do is sell the current property and shift the loan to another investment....is this do-able without incurring economic cost?....that is, sell the property for $500K (for arguments sake), DON'T pay out the loan, and use the proceeds from the sale to buy another property?....in effect, it'd be akin to swapping the title on the mortgage?
