Home to Home Loan
January 30, 2016
So you have found the home you want to buy, but you haven’t even placed your existing home on the market.
To top it off, the Real Estate Agent is saying, “Don’t bother putting an offer in subject to the sale of your existing house”. What can you do? Consider a home to home loan!!
If you have a sufficient amount of equity in your existing home the lender may fund the purchase of the new home, prior to you selling your existing home.
But hold onto your horses, this loan doesn’t possess magical properties, and there is no denying you would be carrying considerable amount of debt, whilst you sell your existing property.
There are two ways the lender will assist you in making the repayments ie. the lender will allow the interest to accumulate to the loan or the lender will advance you additional monies to help with the repayments.
The lender will allow you up to 12 months to sell your existing house. If this option is for you, we think you will be pleasantly surprised with the interest rates.
Please consult your Accountant and/or Financial Planner before applying for a home to home loan.
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