Selling your home and downsizing can be a daunting process, especially when you’re letting go of your most valuable asset. We help you understand your finance options and manage the process for you so you can downsize and unlock the equity in your home with confidence.
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A bridging loan is a temporary loan for a 6 – 12 month period that allows you to settle on the purchase of your new home while you wait for your old home to sell.
The bridging loan is then closed from the proceeds of sale from your current home, leaving you with a residual loan or “end debt” which you then repay.
Please see the separate page dedicated to Bridging Loans.
Generally speaking, there is no capital gains tax paid on a home that has always been your principal place of residence. However, you should seek the advice from your accountant who will take into account your unique circumstances.
This will depend on your scenario, where we have to assess your income relative to the new debt you will take on. We will advise you of borrowing capacity during our assessment process, and at the same time factor in any exit strategies or retirement rule considerations.
Yes, we strongly recommend you seek a pre-approval prior to making an offer on your new home. This will allow you to negotiate with confidence. It will also let you know upfront if the bank will approve a bridging loan should you need one.
