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Buying your next home

I want to buy a home to live in but I need to sell my current home to afford it but I won't have anywhere to stay. What do I do?

One option is to place a subject to sale offer on the new property you are looking to purchase, however given a competitive property market, this is not a favourable offer from the seller's point of view. This is due to the fact that the enter sale is dependant upon the buyer selling their own property to use the funds for the new home, but selling a home is not a overnight process. It can range from a couple months, sometimes stretch to a year or even more. This can make your offer not too appealing.

To avoid this, you can apply for a bridging loan and offer a standard finance clause in the contract of sale. This allows you to borrow the funds required for your new property as well as hold onto your current property until you offload it. This allows for a seamless transition to move into your new property without having to move in between temporarily. Imagine what it would be like without this, you would need to sell your property, move into a rental, or a mate's or wherever and then move again once your new home is ready. All those boxes! Twice! Your back will thank you later.

Things to consider when buying your next home

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152 St Georges Terrace Perth WA 6000
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ABN 73 891 325 822

Credit Representative Number 552601 is authorised under Australian Credit Licence Number 391829

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