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They will not let you settle the sale until there is sufficient funds to release all mortgages if you are refinancing. It will likely have to be simultaneous settlement for the sale and refinance. Get your lawyer for the sale involved asap.

Are you cross collateralised? If the syd property is not crossed I would seriously consider refinancing enough cash out to give you some breathing room for a few years to see if the properties can recover. Obviously can not be a long a term strategy. You also mention when your fixed rate...