Short term bridging loan (Is interest only possible?)

Discussion in 'Loans & Mortgage Brokers' started by Stevefredbelle, 2nd May, 2018.

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  1. Stevefredbelle

    Stevefredbelle Member

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    I am 68 and my wife is 60 . I draw $45000 per annum tax free from my self managed super fund and my wife earns $80000 plus per annum in a very secure job . I have $930000 or so in my self managed super fund (shares , cash and a fully owned rental townhouse) and my wife has about $450000 in her work fund. I also have about $$60000 of stock holding in a small part time business I operate. We own our Ballarat 4 br residence which is currently valued at about $680000. We are thinking of making an offer on a small acreage lifestyle property about 15 k out of the CBD and would expect to pay around $550000. For a variety of reasons we would want to have purchased our new property before selling our existing home. ( need a garage erected for a couple of frivolous sports cars plus secure areas for our pets etc)
    We can find about $100,000 from our savings to go towards a deposit and to pay stamp duty.etc.
    We would probably want to borrow about $480000 and would pay this back once our existing home was sold. We currently have zero debt. Would a lending authority consider us “low risk” and what sort of interest rate and monthly repayments should we expect ?
    Sorry if my questions seem somewhat naive. We haven’t had any sort of loan for 20 years and consequently have no understanding of contemporary lending practices.
    Steve
     
    Stevefredbelle, 2nd May, 2018
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    someone like BOM loan with no end debt would fit here I suspect

    ta

    rolf
     
    Rolf Latham, 2nd May, 2018
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    further even a standard loan without bridging would likley work here since you have a great exit strategy

    ta
    rolf
     
    Rolf Latham, 2nd May, 2018
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  4. Stevefredbelle

    Stevefredbelle Member

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    Mainly interested in keeping the loan repayments as low as possible which I assume would be interest only ?
     
    Stevefredbelle, 2nd May, 2018
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  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    id suggest thats possible if set up the right way

    ta
    rolf
     
    Rolf Latham, 2nd May, 2018
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  6. sumterrence

    sumterrence Well-Known Member

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    Based on your case I don't see any problem for you to obtain a bridging finance.

    I'm not too sure about other Banks but NAB's bridging finance only require interest only repayment during the bridging period.
     
    sumterrence, 2nd May, 2018
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