Bridging finance assists purchasers with purchasing a new property without having sold or settled their existing property.
Benefits
• Customers may make unlimited lump sum payments
• Customers have the choice of selecting from a range of Home Loan products
• Repayment options of either principle and interest or interest only on both loans
• Customers have up to 12 months to sell their existing property and repay the bridging portion of their loan
Bridging finance can be considered under the following conditions but not exclusive too:-
• Sufficient equity in the existing home
• Capacity to service interest only payments on the total debt during the bridging period
• Capacity to repay the 'Residual or End Debt' on a principle and interest after the existing property is sold. (i.e. Capacity to repay the debt remaining after the proceeds of sale have been applied to the loan)
• For properties that are currently leased, rental income may be included to assist the affordability of the combined debt
• Borrower(s) will have up to a maximum of 12 months to reduce the total debt
• A signed contract for sale for the existing property is not required
