Finance $50.000- 65.000K ???

[firefox]

Hi,

I found this 4BDR house which I like it and want to buy it for PPOR it goes on auction in 3 weeks time, this property is unfinished. There is presently no kitchen, bathrooms floor coverings etc - but wiring is in but needs connection and power points etc. there are retaining walls in tact however no landscaping.

I own PPOR worth around 380K. I have 350K cash sitting in a bank. I recon the 4BDR is ok to buy if it goes up to 385K plus s/duty etc...so I am short of minimum 50K or more. The term of the loan very short. Whatever it takes to sell the place I am in now and then I pay it off. The problem is I dont work now as a result of the work accident and only get some of the DSP pension from Centrelink. What are the best options for me? Any advise?

thanks in advance

 

[Marty McDonald]

St.George no end debt relocation loan might be the go. It's a bridging loan where you don't have to prove you can service the debt as will be covered by the sale proceeds of your current home within 6 months. One of the conditions is you have a contract for sale prepared for the sale of the existing property. Make sure you get pre approved asap before you consider bidding. It's a while since I did a loan like this so may have changed a bit.