Hi,
My sisters has got herself in a spot by buying a new house and using bridging finance before selling her current PPOR. She used bridging finance through Westpac.
In a panic she sold her PPOR under value, but the sale just fell through. I dont know much about bridging finance. Is she obliged in any way to go ahead and sell her PPOR. She has just realised the rent would almost cover the repayments so she could probably keep it if she draws down some extra from the equity in it.
Apparently the interest rate goes up if she doesnt sell, can she break out of this?
If the bank is willing to lend for bridging does that mean her servicability is OK to keep the 2, or does the lender factor in the sale?Thanks
GrantThere is just not enough specific info to give any advice.
If she has decided that she can keep it then I suggest she contact her lender or broker ASAP and get it sorted.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon,
Yes her branch lender is on holidays, and 4 calls left today with still no returned call.
We were just wondering in general how bridging finance works and maybe anything we should be checking or asking about. When or if we finally hear back from Westpac.
Is anyone familiar with Westpac bridging and what it might entail?Thanks
Grant
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