In this episode, Tim from Nexus Money discusses the issue of vendors who are stuck in fixed term agreements and are unable to sell their property without incurring significant costs.
Tim explains that in the past, breaking a fixed rate loan could incur very high costs. However, in recent years, banks have been willing to waive or significantly reduce these costs because they can resell the debt at higher interest rates and make more money from doing so.
Tim advises vendors to speak with their broker or bank to obtain a quote for breaking their loan before making any decisions. In most cases, there is no fee or a small fee of only $50, making it much more viable to sell while still in a fixed rate agreement.
At Pure Real Estate, we specialise in managing and selling residential properties. If you are considering selling your Brisbane property, please don’t hesitate to reach out to our team.
Thinking of selling your Brisbane property? Get a free property appraisal from Pure Real Estate and understand your options before making any decisions.