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Filling In Your Finance Gaps With A Bridging Home LoanCoordinating the sale of your current home with the purchase of a new property can be complex, and for some people create considerable pressure. One way you can minimize pressure, including not being forced to sell your existing home at a lower price, is to use a Bridging Home Loan. A Bridging Home Loan is a temporary loan providing financial cover which allows you to buy or build your new property before you sell your current home. This enables you to buy the property you want, without being held back by any lengthy sales processes. Picking The Right Loan ProductThe right loan product will depend upon a number of factors, such as:
Bridging Home Loan Available OptionsThe number of options available to you and the amount you will be able to borrow are often dependant on your specific situation. This is often because different lender’s rates and offers will often reflect the risk involved for the lender. You might however be surprised by just what’s available in the market. Dependant upon your individual situation, your options will include:
Need Help or More Information on Bridging Home Loans?If you would like more information on Bridging Home Loans or to talk to a mortgage broker about home loan options that are in your best interest, call us on 13 LOAN (or +61 2 9249 3739 for international callers) or email us the form on this page and we will return your contact within 2 business hours.
Advantages and Disadvantages of Bridging Loans
Getting Pre-Approval For Your Bridging Home LoanGetting pre-approval for your Bridging Home Loan will give you added confidence during the buying and selling process. It will give you a clear indication of how much you can spend before you purchase the new property. This not only serves to alleviate your stress but also helps to avoid situations where you have to sell your property at a low price because of time constraints. However, you should bear in mind that the amount you can borrow will be dependant on the amount your lender values your home at, not the price you have it for sale on. Bridging home loans can be complex and you will find that you have numerous options; to better understand these options talk to your local mortgage broker. More information or helpFor confidential assistance with your home loan or to talk to your local mortgage broker, call us at any time on 13 LOAN or call our direct line on +61 2 9249 3739. |
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