Looking to buy another property (PPOR) and then sell existing PPOR. In a scenario where one has 30% equity in their existing property (value 600k) and some cash savings, what would be the best option to explore if buying another property of approx same value and then selling existing.
I have read about bridging finance and this may not be possible due to lending criteria and high costs.
What about a relocation loan? How does this differ to bridging? I don't believe my current lender offers this but I know St George and Bank SA do.
Is is a better option to buy the new property as an IP, perhaps rent for a while 6-12 months, then sell existing PPOR in that period then switch the IP to PPOR?
I have read about bridging finance and this may not be possible due to lending criteria and high costs.
What about a relocation loan? How does this differ to bridging? I don't believe my current lender offers this but I know St George and Bank SA do.
Is is a better option to buy the new property as an IP, perhaps rent for a while 6-12 months, then sell existing PPOR in that period then switch the IP to PPOR?