Portability of Loans
Transfer loan to a new investment home, unit or duplex –
You may not be aware that lenders on most of their loan products, but not all, have the ability to transfer your current loan to your new investment residential property.
You do really need to make an appointment and come in to discuss this feature.
This then, provides so many different scenarios for you.
Ideally the settlement of the house you are selling and the house you are buying occurs on the one day.
Sometimes this does not happen but with our involvement lenders will take a charge over your sale proceeds as an interim arrangement then release the sale funds when it is time to settle on your new home;
If you have a fixed rate loan you do not need to break the contract;
You can place your investment property on the market in the usual commercial method; and,
You can use this feature if you are downsizing or conversely upsizing. If upsizing you may need a top-up.
This is available but you will need to make an appointment to come in and discuss this with us.