If you have plenty of money, the ideal repair on these two rotted fascia boards is to remove the gutters; remove and replace the fascia boards; and have a licensed roof plumber reinstal the gutters, as required by Victorian law.
But it's not necessary to do this as the gutter clips supporting the gutter at the left and right of the picture are held in sound timber on the top of the fascia and there is enough support in the existing fascia for the soffit (horizontal fibre cement sheet between the fascia and bricks).
A satisfactory repair can be done at a fraction of the cost of an ideal repair by inserting a Fascia Fix* metal cover plate over the rotted join and under the gutter.
That wasn't possible in this case as the damaged area was well beyond the size of anything Fascia Fix produces, so I fabricated, installed and painted a much larger corner out of sheet metal. Rotten timber was scraped out and the bare timber drenched in timber preservative to stop further rot, which is unlikely as the old rot was wet rot caused by leaks in the old gutter which was replaced by the new gutters, which is when the whole fascia could have been replaced at reasonable cost.
The repair will be less obvious when the paint dries and it will blend in when the fascia is painted.
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