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Bridging Finance Loans

Bridging Loans or Bridging Finance is generally used when a home owner purchases another property that will settle before their existing house is sold.

The bank will assess the level of equity available in your existing home based on the bank valuation, and if approved will provide the entire purchase amount plus fees on your new home. This allows you up to 6-12 months to try and sell your old home after the settlement of your new home.

In some cases, the bank will require only the interest on the bridging loan to be paid for the bridging period, or the interest can be capitalised on to the new loan meaning no repayments during the bridging period, therefore providing you with extra cash-flow whilst you move into your new home.

Benefits:

  • Allows you to purchase a new property before having sold your current one
  • Interest only payments during the bridging period can mean extra cash available during your move where there can be additional expenses related to moving costs
  • Interest can be capitalised onto the new loan meaning no repayment over bridging period


Disadvantages:

  • Interest rates may be slightly higher than standard loan
  • Usually incurs higher fees and costs due to 2 properties needing to be valued and effectively two loans being taken out, the bridging loan and then the final loan after final settlement
  • Risks associated should you not be successful in selling your existing home, may be forced to sell as below market price

 

With over 650 different loan products in the market from all lenders, it can be a daunting time to go shopping for a home loan if you are doing it yourself or don't know what to look for. The benefits of why you should use a professional Time Finance Mortgage Broker are guaranteed.

 

Time cannot be influenced, neither sped up or slowed down, added to or diminished - time is now and always.

Bridging Finance Loans

  • When buying before selling existing home
  • Allows you to act fast
  • Good if you have equity
  • Provides 6-12 months to sell
  • Flexible payment options

Have a professional Time Finance mortgage broker contact you to get your loan requirements arranged on a no charge, no obligation basis.

Call 1300 833 839 or enquire online ›››

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