Transfer mortgage between properties.

Discussion in 'The Buying & Selling Process' started by DueDiligence, 18th Jun, 2020.

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  1. DueDiligence

    DueDiligence Well-Known Member

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    Can a person sell their home , take the equity and buy another house on the same mortgage?

    Meaning, can they move the mortgage across to another property
     
  2. Lindsay_W

    Lindsay_W Well-Known Member

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    It's called porting or bridging, yes it can be done (as long as no additional funds required, $ for $ and LVR needs to be the same or less)
     
  3. Terry_w

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

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    Or might be a substitution of security - if you can arrange simultaneous settlement or find a lender willing to take a term deposit as security until the new home settles
     
  4. Lindsay_W

    Lindsay_W Well-Known Member

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    Same thing as porting isn't it? I should be clearer - Portability allows the substitution of security.
    Also need to check your lender allows it, some don't, some will require simultaneous settlement as they don't accept term deposit in between.
     
  5. Terry_w

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

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    Sorry I missed your mention of porting. Yes this is exactly what it is.
     
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