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We are looking at relocating to Bathurst from the syd area.
For those who have had a bridging loan - what sort of fees were there? Any tips? We will be building a new house, so will get the fhog, plus the relocation $$ for moving out of Sydney.
Any tips or suggestions would be appreciated. TIA :)
A bridging loan is finance that you use when you already have a house and you want to buy another before your first house sells.
If you are using a first home owners grant (I'm assuming that's what fhog means) then how can you be eligible for that when you already own a house?
Sorry I'm just trying to clarify this because you may be mistaking the type of finance you need :)
There's a home grant you can get (I'm sure I heard the other day) for people building, buying off the plan, plus cheaper stamp duty (duty is capped at 5k)
I still thought that was still only for first home owners
Oh maybe it's just a reduction in stamp duty then. Might have to call osr.
Either way I know we'll get 7k.
It cost us no application fee for our bridging loan due to us being in a package (where you pay an annual fee). We just had to pay stamp duty & other government fees as well as some nominal bank fees ie: title search fee.
Double check the point on the reduction in stamp duty and/or fhog - I am sure you cannot claim fhog b/c you already own a home regardless if you are buying or building.
Thanks rhichichi - we pay an annual fee too, so maybe its the same for us. Might give the bank a call after dh and I talk (incase he's got questions) will def double check the home scheme thingo. I know they're encouraging people to leave syd with a 7k bonus (as long as you're moving to an ecocity)
Yep they are encouraging people to move out of the city into fast growing regional areas. I know that there were some stamp duty concessions for your main residence but you will have to check the websites for for more info.:
Wow that is interesting!:
I've tried to find the paperwork from when we were going through the process. We looked into bridging finance but in the end didn't need it because we sold. I do remember that they will only finance you for 70-80% of the value of the two properties combined so you need to have a lot of equity in your first house or a good size deposit to put on the new one.
RhiChiChi we have a similar thing with our mortgage so would have saved quite a bit with fees too.
even if you dont "need" one get it.
we baught/sold last year. we didnt think we'd need it.
...til the buyers of our place went off to India on Missionarry work leaving us with an issue of money, or perhaps lack there of due to banks not taking their DS's signiture on paperwork (and they KNEW settelment was!!) - we had to use it. the fees and alike wherent too bad and saved out bacon good and propper.