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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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Jennifer

3 years ago

Joanne, A relocation/bridging loan will suit if you do sell, also refinancing the investment property is easily done. I would however recommend that you wait till the move is over and then negotiate a good deal for both your home and your investment. Contact me for a confidential no obligations consultation.RegardsJennifer

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Umit

3 years ago

Hi Joanne, The bridging loans I have mentioned do not carry a high price tag. The loan that has to be paid out after the sale of the property will incur interest at the standard variable rate, which is approx 1,0% higher than your discounted rates and would cost you roughly $80-90/month more then if you kept the property. Just wanted to clarify. Happy to answer any further questions you may have.

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Joanne

3 years ago

Thanks for the feedback everyone

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Guido

3 years ago

Hi JoanneI think bridging finance would be the way to go for you. I would recommend you make a financial enquiry on #ashChing and they will put you to your local broker.Surely this broker will find the best solution for your financial needs.

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Kenneth

3 years ago

Joanne, Good morning. I see you have been given some reasonable advise around bridging finance. Another option may be to consider holding you existing home as an additional investment, this could generate additional rental returns which will go toward your overall servicing assessment that Lenders will be looking for.If such a solution works from the servicing perspective, then you can avoid the higher costs of bridging finance, qualify for maximum level of available discounts and then still move toward selling the home at your preferred timing in the future.Please let me know if you would like to chat further.Ken

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Umit

3 years ago

Hi Joanne, Depending on the bank you may attract a larger discount based on the total amount of borrowing, if you refinance both loans at the same time. You could do this with a lender who has what is called a bridging loan or relocation loan facility. They will only use the " end loan" in the servicing (investment and new loan amount after home is sold) rather then the total of three loans. This may be a better option, especially if your combined income is not enough to service all the loans. You will then have 6 month to sell your property from the time you settle on the new purchase. And you will not have to make any repayments on the "bridging portion" as this will be capitalised. Hope this helps.

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Engkay

3 years ago

Hi Joanne. As per Odette' suggestion to get a bridging. But I have a client in a similar situation at the moment and because they have capacity to carry the new and existing loan, so they didn't need a bridging. That means, you can still sell your property down the track, but not within a bridging loan time frame. Speak to your local broker to discuss your overall financial situation to find out if you can do this. Kind Regards Engkay.

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kelvin

3 years ago

If you are looking for "bridging" or "relocation" finance which results in an end debt lenders calculate your ability with either peak debt (maximum debt) or end debt (much easier to service). See a broker and provide all your finance details and goals. I would look at the refinance asap to achieve the best outcome prior to the bridging loan application.

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Odette

3 years ago

Hi Joanne. You may need to apply for Bridging Finance if you intend to buy before you sell. If the plan is to sell after 12 months or so, you can look into refinancing for a better deal, as well as obtaining a new loan for the new property. Hope this helps.

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