A couple with a young family sought advice on whether they could achieve their dream of upgrading to a larger family home with more land. They knew that they had a lot of equity in their existing home as they had paid off most of the debt, but they were unsure of their borrowing potential and confused by the logistics of the changeover process.
The client’s position was very strong, but they lacked the knowledge as to how to best manage the entire process of selling their existing home and purchasing another.
Firstly, the Broker was able to reassure the clients that they could start searching for their dream property as they had lots of lending options available to them.
Within days, they found their dream home and successfully negotiated to buy the property.
Given they needed to settle on this property before their existing home had sold, the Broker was able to offer them a very easy and competitive form of Bridging Finance.
This loan offered the following benefits:
Settlement of the new ‘dream’ home went through without a hitch and the clients moved into this property 4 months after their first meeting with the Broker.
Two months after this, they sold their existing home.
The ‘bridging portion’ of the loan was paid out with the proceeds of the sale and the clients were left with a relatively small home loan on their beautiful new property.
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