By Graeme Salt
Bridging finance is almost a dirty word in Australia.
Many of us, or our parents, are scarred by the 1990’s when they were stuck holding their old home as well as their new home and paying 18 per cent of the loans!
Thankfully there are now many lenders who are offering competitive bridging loans. With rates at about 7.04 per cent.
And, if your broker can find a way of you keeping your current home and making it an investment property, your accountant may think it’s a tax effective strategy.
In today’s market, many think they have to sell their current home before buying a new place – risking homelessness if they can’t find anything in time.
But, if you are pro-active, you may be able to have your cake and eat it (and not at too punitive a rate either).
Graeme Salt is an award-winning mortgage broker. For a no-obligations consultation on your lending needs, please contact him on 02 9922 5055
