Sell your home with Sellable.
A bridging loan, or bridge loan, is a type of short-term loan that allows you to buy a new property while you still haven’t sold your current home. Essentially, the bank will advance you the entire purchase price for the new property so you can complete settlement. This will be added on top of your current home loan, and once you sell your old home, the proceeds from this sale will be used to reduce the combined loan balance to the amount you agreed for the new property.
When upgrading or downsizing, many people have all of their wealth tied up in their property as equity. In this situation, if you want to buy a home before you have sold and settled on your old one, you won’t have the money to pay for it. Aside from trying to negotiate on settlement times, a bridging loan has been the only option up until now.
The cost of bridging loans can be substantial. Many lenders charge higher interest rates for bridging loans and also levy additional fees, so it pays to compare bridging loan providers carefully. On top of this, you will be paying interest on two home loans – your current mortgage plus the full purchase price of the home you’re buying. Not everyone can service this level of debt, and consequently many people don’t even have the option of obtaining a bridging loan. The main issue, however, is that if you cannot sell your old home for the price or in the timeframe you anticipated, things can get uncomfortable pretty quickly. Interest on both home loans keeps building up, and if you don’t sell within several months, the bank may even take possession of one or both of the homes.
Yes, there is! With Sellable, you can essentially “trade in” your old home, and we will pay you a Guaranteed Price based on an independent valuation when you settle on your new purchase. There is no additional home loan, and the risk of selling your old property is entirely on us. This means you can buy a new home with confidence, knowing exactly home much money you have available. And it’s also much more convenient too: all you have to do is move out of your old home, and we will take care of the entire sale for you – including renovations, agent selection, buyer negotiations and much more. Sounds interesting? Request your free offer today!
Know how much you can spend on a new home
We'll make improvements and renovations to your property
Only one home loan at a time
Receive the best price
Choose when you receive the sale proceeds
Professional staging included
We take care of the entire sale, including agent selection
Quick turnaround - money available in 7 days