What is a bridging loan?

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?

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.

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 it 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 bridging loan could be for you, visit your local branch or phone our Queensland based Contact Centre on 13 14 22.
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