Organisation around settlement?

Hi Brain trust
We have had pre approval for $800k on our own.
Just want people’s thoughts on the below and where we stand.

We have found a property we like that’s max offer $820k plus stamp about $46k

Mum has generously offered a gift of $520k (100k Now then remaining on settlement)
But we still want to get borrow as much as possible for cashflow for renovation.

She had sold and will have the 100k in 2 weeks and have the remaining amount money for us on her settlement and the House we want to buy owners want to settle as soon as possible.

If mum has settlement on Monday 24th august how long will it take to close Our current montage down to 0 so we can buy the new one? And then we not subject to sale that might take a while.
And how will it take to draw down funds for new purchase ?

Sorry if this is confusing
Or is there another way around it?
Thanks
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Asset protection and potential pension impact for your mother?

 

Thanks didn’t realise all that got attached also
I have removed that extra info

 

She’s not on a pension yet

 

There are some risks to manage here.

how much is your current mortgage?
What happens if your mums house doesn’t settle as scheduled? Can you afford 2 mortgages in the mean time?

You can do a bridging loan but that can be expensive.

can you ideally use the 100k from mum and use your bank loan to settle on the new purchase and fund the renovations later? Rent you current PPOR out in the mean time if you are unable to sell??

 

The

Our current mortgage is $1200 a month and we are paying about 1000 more a month as additional payments.
Yes could afford 2 mortages for a few months. The deposit on new place is 80k so There will be 20k from initial money pay new loan if needed.
Once we get second payment from mum that will pay off our existing house so we can get the new loan for the new purchase but we can stay here for a few weeks then sell.
We thinking putting to put tenets in current house till sells After we move to new house

can’t do a bridging loan.

 

So you intend to pay off your existing home loan and turn it into an investment property with no deductable loan
Best you seriously consider your loan structuring and look into some of @Terry_w tax tips
Or you are not in the best position to be an investment property owner

 

We can’t have a loan in existing property and get new loan.
We will put existing loan in market for sale but I thought if we can put renters in it for little while why not?
We are in a country town so could take 6 months to sell