Patricia and Brendan have an existing loan of $250,000 against their home worth $600,000. They have three children and have decided that it’s time to look for something a little bigger. They have seen something they really like and would like to make an offer but are worried that they don’t have their home on the market as yet.

Patricia and Brendan have found a new home worth $750,000 and asked us if they could purchase it whilst they still had their home on the property market. They were worried that they couldn’t afford to make repayments on both properties whilst waiting to sell their home.  We were able to lend Patricia and Brendan the full amount of the new home, i.e. $750,000 plus costs of $40,000 as well as capitalising the interest charges on this amount for six months.

Patricia and Brendan were not required to make a repayment for up to six months on their existing home loan or the new purchase. This gave them plenty of time to sell their home and they commenced making repayments on their new loan of $500,000 after the sale.