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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 don'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.
We have access to over 700 loan
products from Basic Home Loans to Professional Packages.
Once
you have chosen which loan to go with, your assigned
and dedicated mortgage broker will then assist you through
the whole loan application to loan approval and settlement
process, plus, your broker will continue to be there
for you in the future when you need further finance,
property and loan related advice or assistance.
Contact
us today for a free consultation.
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