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What is a bridging loan?

Bridging Loans
 

Finding a new home to buy can be a really fun and exciting process, but what happens if you’ve found your dream home and are yet to sell your existing one? You may not have put your existing home on the market yet or you may be waiting for the right buyer – either way, one of the best options for you could be a Bridging Loan.

What is a Bridging Loan?

A Bridging Loan is a temporary loan which bridges the gap between the sales price of a new home and a home buyer’s mortgage. It can be applied for if the home buyer’s existing property has not been sold yet.

How does a Bridging Loan work?

Bridging Loans provide short-term home finance and are approved on the basis the home owner will be selling their existing property shortly after the purchase of a new property. Heritage offers its customers a maximum loan term of six months, with no regular repayments necessary and no monthly administration fees.

To find out whether a Heritage Bank Bridging Loan could be for you, visit your local branch or phone our Queensland based Contact Centre on 13 14 22. For a list of our competitive interest rates click here.

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

The information provided is intended as general information only. Blogs have been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs. You should consider obtaining personal investment, taxation and/or legal advice before making any decision.  Please consider the Guide to Heritage Deposit Products and Guide to Heritage Credit Card Products (available in-branch, or at www.heritage.com.au) before you decide whether a product is right for you. All loans and credit cards are subject to application and approval. Conditions, criteria and fees apply and are subject to change without notice.