NSW and the Australian Federal Police are raiding homes across Sydney on Thursday.
A NSW police spokeswoman said officers are "conducting search warrants as part of an on-going operation".
It is understood that at least one of those properties being targeted was the same apartment at Marsfield, in Sydney's north-west, that was targeted in the large scale counter-terrorism raids in September.
An occupant of that unit, Maywand Osman, was questioned by police on that day but released without charge.
Thursday's raids follow charges laid on Monday against two other targets of the September raids who allegedly sent money overseas to help Australians fight with Islamic State.
Ali Al-Talebi, 25, from Beecroft in Sydney's north-west was arrested and charged on Monday in relation to terror-financing offences. Another man, Omarjan Azari, 22, from Guildford, is also charged in relation to transactions allegedly made in August this year.
Mr Azari was already in custody having been the only person charged in the September raids which involved 800 state and federal officers.
He was charged then with conspiring to plan or prepare a terrorist act, which police allege was intended to "shock, horrify and terrify the community".
Police alleged that Mr Azari was involved in planning a terrorist act in a phone call with Mohammad Ali Baryalei, Australia's most senior member of the terrorist group, Islamic State.
The plot allegedly involved selecting and murdering a random member of the community in a public place and draping them in an Islamic State flag, while others recorded the crime on video.
Mr Azari is due to appear in Central Local Court on Friday on the charges relating to the terrorism plot and the new financing allegations.
