In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Bridging Loan
A bridging loan is described as a short-term loan which allows a property owner to buy a property before selling an existing property.
So how does it work?
Let’s say you’ve found the house you want, but haven’t sold the one you’re in. You’ll need finance to meet the gap between receiving funds from the sale of your existing home and buying your new property. It’s essentially giving you a line of credit to cover the ‘bridge’ between purchasing the new property and receiving settlement funds on the old.
It's highly recommended you have more than 50% in equity to make the bridging loan worthwhile.
Learn MoreYes - you'll need 20% of the peak debt, or $187,000 in cash or equity, to qualify for the bridging loan. If you have $300,000 in equity in your current home, you can afford the 20% deposit and meet the bridging loan's requirements.
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