Looking to move home?
At Australian Mortgage Planners, we can show you a variety of loans for property purchase finance, which will allow you to purchase your next home before selling the current one. These loans are known as Relocation Loans. They can also be used to purchase land on which you wish to build your new home.
How do property purchase finance work?
Basically, in property purchase finance, you borrow an amount equal to what is required to purchase the new home less any surplus cash you may have. The property purchase finance loan would normally include the full purchase value of the new home, all government charges, legal fees, and bank fees.
- If you have an existing loan on your current home, this will be incorporated into a new property purchase finance loan.
- You will be given two new loans, one on your current home and one to cover the purchase.
- Repayments are only made on the loan for your new home.
- Repayments are not required on the loan over your existing home.
- When you sell your current home the loan on that home is repaid together with any accumulated interest.
- You can have up to 12 months to sell your current home.
- These loans are used for either purchase of an existing home, building a home on vacant land or for knock down rebuild.