07 May 2022

What Home Loan Can I Obtain for Bridging My Finances?

Bridging Home Loans

Data suggests that Australians live in their homes for an average of 10 years even though their mortgages have terms of 30. Australians relocate for several reasons including family emergencies, job opportunities, and retirement. When homeowners relocate, they have an added layer of responsibility. Namely, they must sell their home. Then, they must purchase a new one in the new area where they will live. Mortgage House bridging home loans provide a viable solution for this situation.

Homeowners estimate the sale price of their current home. Then, they apply for a bridging loan of that value. The loan helps them purchase their new home including putting down a 20% deposit upfront. Lenders will finance between 70% to 80% loan-to-value ratio. Since the homeowner doesn’t need to pay the entire amount upfront, they can take the deposit from the loan. Ideally, the proceeds will cover the entire loan amount when the home sells. Then, the homeowner carries only one mortgage. When they practice responsible personal fiscal responsibility, the bridging loan nets a favourable position. Moreover, they leverage debt to relocate and don’t skip a financial beat. 

The process to obtain a bridging loan moves quickly. Nonetheless, we encourage our clients to explore their options through our online resources. When you’re in the market to purchase a vehicle, you can also use our online Mortgage House car loan calculator for free. 

Bridging Home Loans Conclusion

To apply for a Mortgage House bridging home loan, check out the online application. If you need assistance, you can also contact our loan specialists today.

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