Buy before you sell with Homeloans Bridging Loan
Bridging the gap through Homeloans MoniPower
Homeloans’ MoniPower bridging loan combines into a single loan, your new home loan and the amount outstanding on your existing home loan.
You don’t need to make any repayments on your MoniPower bridging home loan for the first six months (the first 12 months if you are building your new home) or until your existing property is sold, whichever occurs first. Fixed and variable interest rate options are available. Interest is calculated daily and charged monthly.
You can add an offset account to your MoniPower bridging home loan. By making regular payments into the offset account during the bridging period, you can reduce the interest payable on your loan. You have the ability to access the funds in your offset account at any time.
When your existing property is sold, you must use the funds to reduce the balance of your MoniPower bridging home loan to the agreed enddebt stated in your loan contract.
Homeloans MoniPower – ‘Go Between’ bridging feature
How the ‘Go Between’ bridging feature works…
Make no repayments for six months (12 months if you are building your new home), or until your existing property is sold. This is what we call your bridging period.
When you sell your existing property
When your existing property sells you use these funds to reduce the balance of your MoniPower bridging home loan to the agreed amount in your loan contract.
You can make regular payments into an offset account during your bridging period if you wish.