If you are still waiting for your current property to sell, you might want to get a bridging loan. A bridging loan is a short-term loan that grants you up to 12 months (depending on the lender) to sell your existing property to purchase your new property, (or vacant land where building contracts or preliminary costing has been entered into). This allows you to avoid that awkward transition between homes.

You will typically need to have a reasonable amount of equity in your current home as ideally you want the combined LVR (Loan Value Ratio) of both properties to be at 80% or less otherwise LMI (Lenders Mortgage Insurance) is charged on the total/peak debt.

Ready to chat?

© Copyright 2019 Strawberry Finance Pty. Ltd. All Rights reserved.