Mortgage-Mart can arrange a bridging home loan for borrowers who are looking to purchase a new property before selling their current home. A bridging loan is also useful for borrowers who want to finance the building of a new home while still living in the old one as an alternative to selling their existing property. This saves borrowers from having to live in a rental property until construction is completed.
Generally borrowers have up to 12 months to sell the existing property. The lender will take both properties as security and will usually offer a standard variable rate only with this type of loan.
If you need more information on these types of home loan products and how they suit your individual home loan needs, enquire online or call 1300 720 623 to speak with an experienced Mortgage-Mart consultant.
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