If you are planning to downsize, it may be relatively easy to sell your home in today’s competitive residential property market but buying a new property could prove a lot harder.
With so much fierce competition for good properties these days, buyers who have their finances organised and can sign on the dotted line straight away are more likely to get the keys to their dream home faster than those who follow more traditional paths.
That’s why many smart downsizers are flipping the tables by buying their new home first and then selling their old one - with the help of a bridging loan. It is now easier than ever for downsizers to get a loan prior to selling their family home. At Bridgit we believe that Australian homeowners with good credit deserve better than they have been getting in the past from traditional lenders. We offer same day approval so you can access the equity in your property. No more waiting for days on end for a loan approval to come through.
Benefits of a bridging loan
A bridging loan can give downsizers the competitive advantage in today’s stiff market. You can now have the time to buy the property you really want. It also removes the stress of selling a property then having to turn around to try and buy another one quickly. We have helped many customers find their dream home without the associated stresses of being in the property market for a long time. After applying online you get a loan of up to six months with the first three months interest free. Interest thereafter is 5.99% p.a, 6.15% p.a comparison rate. And no monthly repayments until maturity.
While upsizing comes with a tonne of benefits, it’s important to understand how the process works and what it takes to secure an upsizer home loan. Not sure where to start? Keep reading to discover everything you need to know about upsizing as a homeowner.
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