What to do about an under performing IP

Don't go with a broker you don't trust - no point in that. There's lots of good ones here.

 

Rung the bank straight after I posted got it dropped to 4.91 but I think they can do alot better than this,hence the meeting

 

So is there any Savay brokers on the Gold Coast

 

It's a start but still way off the mark. We have an IP at 3.89% with no discounts, that's the rate straight from the bank on only a 200k lend.

 

Yes - @Rolf Latham

 

I think you're on the right track with getting the interest rate down and probably just cutting your losses and selling if the market in your area truly won't see an upturn for awhile... What is the property? Is it a house or apartment? Is there anything you can do before the sale to add value and recoup at least some of your losses? Could 20k on a new kitchen and bathroom add 50k to the resale price?

I'd be thinking about this if I were going to cut my losses, but I would only go that route if I was fairly certain I was really mitigating my losses.

Good luck.

 

Thanks Jess

 

Real estate agent,then he rings me a week later to see if I wanted to list it with another one he has for sale.

 

Hmmm.... of course he'll have no financial interest in you selling a property, will he?