What's the process?

Securing your second home will follow a similar process to when you purchased your first home. Your financial status will need to be evaluated in order to estimate your borrowing capacity and this evaluation will take into account your present house loan payback obligations. Then there's the awkward transition between old to new. Eek! Enter Bridging Loans!

Bridging Loans

Bridging loans are a type of short term loan that provides you with quick access to funds to purchase a second property whilst you are trying to sell your current home. Borrowers use the equity of the current home as a down payment on the purchase of a new home.
Typically, features of a bridging loan are:

  • Faster application
  • Faster approval
  • Short durations
  • High interest rates
  • High origination fees
  • No penalty for early repayment (most, not all)

The process of selling your current home and transitioning to your dream home may feel like trekking through mountains of paperwork but we are here to make sure that it will feel like a stroll through a park.

Never fear, Pomelo is here!