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Bridging Home Loan
A bridging home loan is for borrowers who are looking to purchase a new property before selling their current home. A bridging loan is also useful for borrowers who want to finance the building of a new home while still living in the old one as an alternative to selling their existing property. This saves borrowers from having to live in a rental property until construction is completed.
Generally borrowers have up to 12 months to sell the existing property. The lender will take both properties as security and will usually offer a standard variable rate only with this type of loan.
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