Ready to build or buy now, but haven’t yet sold your old property? Bridging finance could be the answer to keep the ball rolling.
Trying to sell one property and buy another can be quite a daunting and emotional process, especially when the timelines of both projects don’t match up perfectly.
Generally, people can be a bit nervous or anxious, but it’s an education process for them.
One of the services that we offer our clients is assistance in applying for bridging finance, despite the fact that we may not financially benefit from facilitating the application. A bridging loan is usually just an extension of the loan amount on a regular home loan, and it can cover the purchase price or construction costs of a new property while your old one is selling.
Most lenders offer a period of interest-only repayments on bridging loans, allowing borrowers to get into their new home sooner without having to start paying off a full mortgage before selling the old one.
As a MFAA Approved Finance Broker we are also well accustomed to negotiating rates with banks to get appropriate deals for our clients so they don’t necessarily need to refinance to make savings when interest rates fall.
We use our knowledge and other banks’ rates to drive rates lower. So occasionally, our clients don’t even have to change their bank. We can often just negotiate a better deal to keep the banks honest.
Are you waiting on selling your current home before buying your next place? How about giving us a call on 07 3911 1190 today to have a chat about the options which are available for you or fill in the contact form here and we will arrange a meeting to discuss your plans.