Looking for advice

Hi all,

First of all great forums, finding some great info here.

I am looking for some advice on my current situation if at all possible. I have been paying off a PPOR that was built and is 3 years old currently $290K remaining on a fixed loan for 12months. My partner of 13yrs and I are currently separating and on a financial agreement I will pay her out via another loan through the equity of $100k .

The house has been on the market for sale for about 3mths for $550-575k.

So…

1: Do I continue with trying to sell the property with current market trends? I will have to pay real-estate costs upon the sale and around 7k for the breaking for the fixed loan.
2: Rent the property. Rental return of around $550pw minus costs.

Upon renting I will owe around $400k with 2 separate loans unless I break the fixed at $7k.
Should I remain variable or IO for the 100k loan?

So should I pay the 2 loans until the fixed is over then refinance? If I refinance should I get IO or pay principle to reduce the overall figure?

Thanks for any input

Donk