Apart from buying an existing property, bridging loans are also an option if you want to stay in your current property while you build a new property. It saves you the hassle of selling your property and renting somewhere short-term, not to mention having to pay for the costs of moving twice.
EXTRA_REPAYMENTS : The product includes extra repayment features.
FRAUD_PROTECTION : The product includes fraud protection features.
GUARANTOR : Subject to terms and conditions, this product includes guarantor features.
RELATIONSHIP_MANAGEMENT : Relationship management is available for eligible customers.
OTHER : Adding upfront costs such as stamp duty and legal fees to your bridging loan if the property value and equity is sufficient., Avoiding the hassle of having to rent, so you can skip the stress of having to sell your current home, move into a rental property and then move again once you've found a new home, Bridging Loan is a short term loan (usually up to 12 months) that is closed when your existing property is sold. The size of the bridging loan is calculated on the available equity in your current home.There are two types of bridging loans - Closed bridging loans which is used if you already have a Contract of Sale on your current property and know the date when your home will be sold and the funds received. You'll pay down the loan plus any accrued interest and fees on this date. The other type of bridging loan is Open bridging loans which is used if your current home hasn't been sold yet. An open bridging loan can be arranged for up to 12 months., Building Loan Feature: A specialised lending option that is available on selected Westpac loan products. Allows the customer to progressively draw down what is needed to cover the build of their residential property over the construction period. This option is only available for Interest Only repayment type., Having the option of making payments only on your current loan (you'll need to pay interest on your bridging loan when you sell your existing home and the bridging loan is closed), Having the option to make payments during the bridging period to reduce the amount of interest payable., Statements of account : We will send you a statement of your loan account at least every six months or more frequently if you request, This loan can be part of a combination loan, This loan helps you to proceed with confidence when you've found a new home but haven't started the process of getting your current home ready for sale
Loan Purpose: OWNER_OCCUPIED
Tier: LVR above 70%
Lending Establishment Fee UPFRONT : 600.00
LVR above 70% INTEREST_ONLY
VARIABLEDT Modified:2024-06-03