We just started to get things in place to sell our unit but we have found a house we would like to make an offer. We don’t have access to funds to exchange on the property straight away so if we apply to increase our home loan from $300,000 to $800,000 could they let us use the funds to exchange?
Your loan would depend on many factors but potentially you could purchase the property as you are suggesting.
To increase your loan with your current lender, you would need to be able to show that you can service the increased loan amount and that there is enough equity in the home to stay under the required loan to valuation ratio. If you have time tonight or tomorrow night, I would be happy to meet with you to do a full assessment and explain more about your options?
Give me a call if you would like?
Yes what you want to do is theoretically possible. However it could depend on an number of factors including the value of your current property and your ability to service the new loan.
I am located in the next suburb and would be happy to discuss the matter with you when convenient and show you your options to enable this to happen.
Bayside Finance Group
M 0418 547337
Good afternoon Mary
This is an scenario we see regularly
The program is called Bridging Finance and if you are able to demonstrate you can support the end debt you may very well be able to proceed
You need to use an independent Mortgage Broker that can provide details of the various lenders in this space and the terms and conditions that would apply
Please feel free to contact me personally
0411 696 696