Mind that gap.
It’s great when everything falls into place. You sell your home just when you find the next home of your dreams. But at times this ideal, smooth transition from property to property doesn't eventuate. When there is a timing gap, a bridging loan - as the name suggests - ‘bridges the gap’ between two home loans.
In short, the lender takes security over both properties and lends against these until the sale and purchase process on both is completed. It's not always a straight-forward process and many banks will not allow you to bridge two properties unless you can service both. However, there are many options, which coupled with expert advice can help ensure a smooth transition to your new home.
If you're making the jump from one property to another and need bridging loan expertise, we can help. Talk to one of our team by calling 0800 800 320 or use the contact form below.