Exploring your downsizing options? Planning to downsize but haven't sold your current home yet? For some eligible homeowners, bridging finance may provide a way to secure a new property before their existing home is sold. At Pendium Finance, we help clients understand whether this type of lending strategy is appropriate for their circumstances — including lender requirements, repayment position, exit strategy, and overall borrowing structure.
Bridging finance may be considered where you own an existing property and are planning to purchase another, intend to sell your existing property as part of your exit strategy, have sufficient equity, income and servicing capacity to meet lender requirements, and want to understand your options before listing, selling or making an offer. Bridging finance is not suitable for everyone — a lending assessment is required before determining whether this strategy is appropriate.
We compare lending options across a broad panel of lenders and help structure the application around your circumstances — clarifying your borrowing capacity, the likely lending structure, estimated repayments, fees and interest costs, the lender's bridging period and exit requirements, the risks if your existing property takes longer to sell, and whether alternative options may be more appropriate.
Bridging finance can provide flexibility, but it also carries risks. Before proceeding, it is important to consider interest and fees during the bridging period, the timeframe to sell your existing property, what happens if your property sells for less than expected, your ability to meet repayments, the lender's maximum bridging period, and whether independent legal and financial advice is required.
Explore all residential lending options at Pendium Home, or if you're buying your first property, visit our First Home Buyer Hub.
Phone: 1300 876 410 | Email: loansupport@pendiumfinance.com.au
Perth: 204/96 Mill Point Road, South Perth WA 6151
Sydney: Bay 5 North, Locomotive Street, Eveleigh NSW 2015
Pendium Finance Pty Ltd ACN 662 388 838 | ACL 517192 | CR 543457