Loan Market

11 What happens to my mortgage when I move house? Generally you have two options for switching your current loan. You can either refinance with the same lender (or a new lender) or pay out the existing loan and take out a new one with your new property. Chatting to a mortgage broker can help you determine what you can afford and which option may be right for you. How does a bridging loan work? A bridging loan helps you purchase a new home whilst you wait for a buyer to purchase your current one. The loan works by covering the cost of your new property with the idea that this debt will be paid off when your old property sells. What is loan portability? Loan portability is a feature that allows you to keep your current home loan and when you move property you can take this loan with you by switching the supporting security (property). What is a deposit bond? A deposit bond is a document that promises the seller that the deposit will be exchanged during settlement rather than the contract exchange. A company will cover the deposit cost, leaving the buyer to pay back the company, generally when their property has sold. This is a good alternative to a short-term credit. Should I buy or sell first? Timing will pay a big part in this decision and both do have their ups and downs. Understanding what you can afford and what you need will help to clarify your options. Answering the questions we hear the most. Q&A session