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 Bond can be a simple way to resolve timing issues between
exchange and settlement and availability of your 10% deposit. More
on deposit bonds.
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.
Suite 303, 4-14 Buckingham Street
Surry Hills NSW 2110
Telephone: 02 9698 9598