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relocating or moving on
Bridging Finance - A number of Lenders will offer to finance ownership of both properties, on the basis that one is sold within a specified time frame. As "Bridging" involves retaining an existing mortgage plus taking on a new (often larger) mortgage associated with the new purchase some additional requirements need to be met. Please contact Holistic Home Loans to discuss your bridging finance options.
Deposit Bonds - A Deposit Bond can be a simple way to resolve timing issues between exchange and settlement and availability of your 10% deposit. More on deposit bonds.

Renting the Old / Move into the New - An option to consider at this stage might be whether the old home can be retained and rented as an investment property?

Purchasing a new home and retaining the old one, is most likely to increase the size of your mortgage. However, for those looking to build a property investment portfolio, it may be a prudent way to begin.

Your ability to service two mortgages would depend on a number of factors, including your existing income, the potential rental of the home, the size of the combined mortgages, and the amount of equity available in your existing home to contribute to an additional purchase. Contact Holistic Home Loans to discuss this strategy in more detail.

 
Holistic Home Loans
Suite 303, 4-14 Buckingham Street
Surry Hills NSW 2110
Email:
Telephone: 02 9698 9598