Bridging loans - short-term funding to cover between buying your new home & selling your existing property
MOVING & BRIDGING
Moving and Bridging Finance Can See Complex. Don't Let It Be. Reach Out To The Team.
Moving & Bridging Finance in Queenstown Lakes
Bridging finance is a vital solution for homeowners in New Zealand transitioning between selling a property and purchasing another. It’s designed to manage the cash flow gap during this period.
Mortgage Broker Queenstown provides expertise in bridging finance, ensuring clients have the necessary funds to bridge this temporary financial gap.
Whether You Are Looking For a Mortgage in Queenstown, Arrowtown or Wanaka - Find the Right Lender For You!
Which Type Of Bridging Loan Best Suits Your Needs?
Bridging loans fall into two categories: closed and open. Closed bridging finance is used when the sale of the current property is confirmed with a set completion date, offering more security and often lower interest rates. Open bridging finance applies when there's no buyer yet for the current property, carrying higher risk and interest rates.
To understand more about which is best for your circumstances and the applicable rates, reach out via Mortgage Broker Queenstown TODAY!
Should You Even Apply For A Bridging Loan?
Bridging loans are short-term, usually lasting from several weeks to a year. The interest rates are typically higher than conventional mortgages and can be either fixed or variable.
Mortgage Broker Queenstown can assist in finding the most suitable rate based on your financial situation and the loan type. But sometimes there are other alternatives best suited. A Brokers role is to help you secure the best rate and save money in interest repayments on your loan.
Key Info - Bridging & Moving Loans
How Much Can I Borrow?
The loan amount depends on your property's equity and your ability to service the loan. Bridging loans are interest-only during their term, with the principal repaid once the original property is sold. Mortgage Broker Queenstown ensures a clear understanding of repayment terms and amounts for their clients.
Who can benefit from bridging finance?
Anyone who is in the process of moving homes and needs temporary financial support to bridge the gap between purchases and sales
How is the interest rate determined for bridging loans?
Interest rates are based on the loan type, market conditions, and your financial situation.
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MOVING & BRIDGING
Whether you need to buy before selling or simply bridge your finances. A bridging loan could be the right solution for your needs.
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Buying your first home is exciting. But also daunting. Don't be put off from your dream, 'Live by the Lake'.
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(Even if your property is in Wanaka or Arrowtown!)
Achieving home ownership is an obvious aspiration. Grasp the reality of managing a long-term mortgage and organizing finances for regular payments. Transition from paying rent to owning your first home, or prepare for retirement by investing in property. Regardless of your objective, Mortgage Broker Queenstown is here to assist. And Yes we cover Wanaka and Arrowtown!
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FAQ's - Mortgage Broker Queenstown, Wanaka & Arrowtown
What amount can I borrow through bridging finance?
It depends on your property’s equity and your financial capacity to repay the loan.
What exactly is bridging finance?
Bridging finance is a short-term loan that covers the interval between buying a new property and selling your current one.
How does Mortgage Broker Queenstown assist with bridging finance?
We offer expert guidance in choosing the right type of bridging loan and negotiate favorable terms and rates.
What are the differences between open and closed bridging loans?
Open loans are for when you haven’t sold your current property, while closed loans apply when you have a confirmed sale.
What’s the typical duration for a bridging loan?
These loans usually last from a few weeks to 12 months, depending on individual circumstances.
How is the interest rate determined for bridging loans?
Interest rates are based on the loan type, market conditions, and your financial situation.
What amount can I borrow through bridging finance?
It depends on your property’s equity and your financial capacity to repay the loan.
Are there risks associated with bridging finance?
Yes, including the potential difficulty in selling your current home and the higher interest rates.
Can Mortgage Broker Queenstown provide tailored bridging finance solutions?
Absolutely, we specialise in customising finance solutions that align with your specific needs.
How quickly can I secure bridging finance through Mortgage Broker Queenstown?
With our extensive network and expertise, we can expedite the application process, often securing bridging finance quicker than going directly to lenders. The exact timeline can vary based on individual circumstances and lender requirements.
What documentation do I need to apply for bridging finance?
Typically, you'll need proof of identity, income verification, details of your current and intended properties, and a sales plan for your existing home. Mortgage Broker Queenstown will guide you through the specific documents required for your application.
Can bridging finance be used for properties at auction?
Yes, bridging finance is an excellent option for buying auction properties, where funds are needed quickly to secure a purchase. We can arrange bridging finance in advance to ensure you're ready to bid.
Is there a minimum or maximum loan amount for bridging finance?
Loan amounts can vary widely based on the lender and your property's equity. Mortgage Broker Queenstown connect you with trusted Mortgage Brokers to determine the appropriate amount for your needs and circumstances.
Can I repay my bridging loan early, and are there penalties for doing so? Why is Bridging Loans High Risk?
Early repayment is often possible without penalty, especially for open bridging loans, but this can depend on the lender's terms.
Your Mortgage Broker will ensure you're aware of all terms related to early repayment. Due to its short-term nature and reliance on the sale of your current property, there's a risk if the property doesn't sell within the loan term.
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(Or give up on living in Queenstown Lakes)
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