Equity loan while property on the market.

Discussion in 'Loans & Mortgage Brokers' started by Sponge, 2nd Sep, 2018.

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  1. Sponge

    Sponge Active Member

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    Hi,

    My property is currently on the market and has roughly $80,000 of usable equity in it. Is it possible to go down the equity loan path although the property is for sale?

    Any advice would be appreciated!

    Cheers
     
    Sponge, 2nd Sep, 2018
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes
    But what for?
     
    Terry_w, 2nd Sep, 2018
    #2
  3. Sponge

    Sponge Active Member

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    Thanks for your reply, Terry.

    I'm currently living in Melbourne and am moving to Ballarat. A property has become available there that's great value and I was hoping to use the equity to purchase it while my Melbourne apartment is on the market.
     
    Sponge, 2nd Sep, 2018
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Who is the current lender? A bridging loan might be a better option
     
    Terry_w, 2nd Sep, 2018
    #4
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Normalish strategy to avoid the issues of a bridge, assuming you can service the peak debt of both loans

    ta
    rolf
     
    Rolf Latham, 2nd Sep, 2018
    #5
  6. Sponge

    Sponge Active Member

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    Macquarie.

    Cheers
     
    Sponge, 2nd Sep, 2018
    #6
  7. Sponge

    Sponge Active Member

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    Thanks Rolf
     
    Sponge, 2nd Sep, 2018
    #7