A young family upsizing their home through a bridging loan
Occupation
PAYG – Financial Sector
Location
NSW (Cat 1)
Loan Amount
$1.8m
LVR
Peak Debt 70% LVR
End Debt 52% LVR
Property Type
Apartment and Townhouse
Scenario
Mr and Mrs A recently welcomed their newborn son. They are looking to sell their two-bedroom apartment and purchase a three-bedroom house in NSW at the price of $1.5m.
Mr A purchased his current apartment 7 years ago. Current value of the property is $1.2m. His existing loan balance is $400K.
The couple had $200K savings for the deposit of the new purchase. Therefore, they were looking to use the equity in the existing apartment to finance the new purchase. Mr A’s wife was not working, so they were worried that Mr A’s income wouldn’t be able to service a loan for the new purchase as well as the existing loan.
How did Brighten help?
Brighten provided Mr and Mrs A with a solution of a 6-month Brighten Connect loan secured by their new and existing properties.
Serviceability was assessed based on the remaining debt after settlement of the sale proceeds from the existing property sold. No repayment was needed during the bridging period.
The loan will revert to Brighten’s standard Full Doc Prime product once the apartment is sold.
Fees, charges, lending criteria applies.