Want to buy and sell at the same time but unsure what to do about your existing home loan? You may be able to switch it over to your new purchase.
A security switch effectively means swapping your home loan from your existing loan to your new purchase. In other words, rolling over an existing bank loan (once you sell property one) into a new purchase (property two), without the need for refinancing.
When you decide to purchase your new home, instead of closing your existing loan and opening a new one, a security switch, also known as loan portability, can help you swap the security on your current loan from the property you have sold to the one that you are purchasing.
Conditions and fees may apply depending on your financial institution but this could be a valid option to help with the transition from one property to the next without worrying about refinancing.
Selling a property can be tricky and this is where our experience, knowledge, relationships and contacts within the industry can be incredibly helpful. No stress, no fuss – let us make the process simple and easy for you.
Ask about our Selling a Home Service, where we do all of the legwork on your behalf to MAKE IT EASY to secure your new home.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
