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Home > Personal Solutions > Buy a property > Bridging finance

Bridging Finance

Exploring the Options
You are thinking of buying another property but, without the proceeds from the sale of your existing property, you can't afford to buy a new one.

A bridging loan is the answer because it enables you to finance the purchase of your new home prior to selling your existing property. It is also useful for borrowers who want to finance the construction costs of a new home while still living in the old one.

Different lenders have different policies with some lenders allowing you to capitalise interest to your loan until you sell. Planning is the key to a successful transition. This would also be a good time to review your current loan and examine the options available to you.

Some other questions to think of are:

Will I need to increase my loan?

If the cost of your new property including purchase costs is higher than your existing loan facility, you will need to consider paying the difference yourself or increasing your loan. I can help you work out how much you will need to borrow
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What are the costs?

Costs may include fees for discharging your current loan if it’s not portable, break costs, establishment and valuation fees for the new purchase, government stamp duties on the new property, building inspections, moving costs and other fees or charges payable to your old or new lender. Using my service I will be able to assist you work out the costs so that your decision is an informed one.
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Is my current loan portable?

Not all loan products or lenders will offer this feature. You will need to check your Loan Agreement to see if you can “substitute security”. I can make these enquiries on your behalf if you are uncertain or unable to find the answers.
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Should I move or renovate?

The two most important factors for most people are: cost to move to a better property and avoid the inconvenience of renovations and weighing up the advantages and disadvantages of moving to another suburb. Download a copy Renovate vs Move checklist to give you a handy reference.

If you do decide to move, download a copy of my Moving Checklist.
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Property Finance Professionals
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Tel: 02 9972 4452 Fax: 02 9972 4605
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