SECOND HOME OWNER LOANS
Whether you’re upgrading or downsizing, moving to a new area to be closer to work or just looking for a change, buying your next home is exciting fort the whole family. There are three main options available when looking to buy your next home; you can take a traditional home loan by simply selling your existing home, paying out your existing loan then buying a new home and getting a new home loan; you can keep your existing home loan if it’s portable; or you can look at a bridging loan.
Bridging finance Client example
Mandy and Ben – Buying a bigger home
Mandy and Ben have found the perfect new home, complete with 4 bedrooms to accommodate the kids and also have a spare room to be used as a study. They really didn’t expect to find the house they wanted so quickly, but signed the contract immediately so they didn’t miss out. Now its two weeks down the track and they are due to settle on their new property in only another 2 weeks time! They haven’t even had their first open inspection yet! The agent is confident they will have a buyer within the next month, but then of course it will be another month after that before settlement, and they really need the money from that sale to use towards their new purchase. A bridging loan is the perfect solution for Mandy and Ben. This means they can borrow extra money for up to 12 months to cover the new purchase, and then when their home is sold, the proceeds from the sale of their existing home are used to reduce their total borrowings.
Tony and Julie – Constructing a home
Tony and Julie have always wanted to build their own home and now it’s finally time. They’ve found a block of land in their favourite street and are just about to sign a contract with a builder. The question is, where are Tony and Julie going to live while their home is being constructed? They need money to purchase the land and make progressive payments to the builder and this is tied up in their existing property which they will need to sell. Selling their home and living with their parents just isn’t an option and the thought of having to move twice by renting and then moving again when their home is completed is not an attractive option either. Tony and Julie decide the perfect scenario would be if they could continue to live in their home until their new house is constructed. A bridging home loan makes this possible.
Moving House Home Loans
Assured offers a wide range of home loans when you’re looking to move house, for all types of borrowers. With access to over 30 lenders, you’re simply spoilt for choice!