Changing Homes

Even though this won't be your first property transaction, it may be a long while since you've purchased a home.

You may find that reviewing our "10 Steps to Home Ownership" will assist with your planning.

You've probably developed quite a bit of equity in  your current home - but chances are you will still need the assistance of a highly capable and reputable broker to assist with the financing for your new home.

That's where Find My Loan comes in.

You may even find yourself in the following situation:

You may not have expected it, but there it was...

• The perfect home - the one you've been looking for.
• Or the perfect block to build your dream home on.
• The trouble is, you haven't sold your current home yet. 

Find My Loan may be able to help

• By using bridging finance, or what are sometimes referred to as Go-Between loans, you can purchase or build a new house before selling your existing home.
• Bridging finance can offer all the flexibility of standard principal and interest home loans, including the option of introductory rates, fixed or variable rates, and split loans.
• You can even enjoy 100% offset benefits with some lenders.

How does it work?

Traditional bridging finance tended to mean that you would have to be able to afford the repayments on both the home you were selling and the new home - extremely difficult for most people.

While this option is still available, more 'modern' products can allow you to structure the loan so that:

• Both your new and old homes are used as security to finance the purchase/construction of the new home.
• Payments are not required on your new home for up to 6 months when buying an established property and up to 12 months when building. This allows you to fund both properties during the transition.
• When your old home is sold, the balance of the loan is reduced to the pre-determined amount and repayments kick in.
• You may borrow up to 85% of the value of both homes, which includes the deferred interest on the bridging loan.

Please note that the decision to use a bridging finance product should not be taken lightly.  You will only have a limited time to complete the sale of your existing property and may find yourself in a 'forced sale' position.

Please contact Find My Loan for professional advice and assistance.