Our house is set to go on the market the weekend of an auction of a house I love. I am trying to negotiate a 90 settlement if we are successful at the auction. It is believed our home should not take long to sell in the current Melbourne market so I may not need bridging finance.
However..... in the case of the person buying our home needing 90 days or just taking that little longer to sell I am wondering what experience people have with bridging loans. Are they hard to get? I imagine we would need it at most for 1 or 2 months. I would never go down this path if I did not adore this home and it is quite unusual so sitting out the auction is not really an option.
I imagine with the current mortgage and the new one our total debt would be $820-$830k (feel sick at the thought)
Before I go to the bank I just wanted to see some peoples experiences. If they can see your home is on the market or even sold will they allow you to have the bridging finance? We have some savings that can cover the loan for several months if need be.
Thank you
However..... in the case of the person buying our home needing 90 days or just taking that little longer to sell I am wondering what experience people have with bridging loans. Are they hard to get? I imagine we would need it at most for 1 or 2 months. I would never go down this path if I did not adore this home and it is quite unusual so sitting out the auction is not really an option.
I imagine with the current mortgage and the new one our total debt would be $820-$830k (feel sick at the thought)
Before I go to the bank I just wanted to see some peoples experiences. If they can see your home is on the market or even sold will they allow you to have the bridging finance? We have some savings that can cover the loan for several months if need be.
Thank you