Variable Rate Home Loans Bridging Home Loans
Buy Before You Sell
This can simplify the transition between properties. If your home is for sale - and you find a property to buy, or wish to build - the lender advances the money so you can purchase your new home.
Depending on the equity in your current home, you may be able to include all the fees too. The interest charged to your loan can be paid by you or capitalised (added to the loan amount).
When your original property is sold, the proceeds are deposited to the new loan. The amount owing becomes your end loan and normal repayments commence.Advantages
You can buy or build your new home before you sell your existing home.
You can avoid moving into a rental property and move directly into your new home.Disadvantages
Interest is charged on the full amount of the new loan.
If you dont’t sell your existing home quickly, the interest bill can really add up.
It may force you into selling your existing home at a price lower than you want to.
You must have sufficient equity in your existing property to support the purchase of both.
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