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Buying and selling a home at the same time
Buying and selling at the same time? If you're an ASB customer you may be able to keep your existing home loan and use your new home as security under a new mortgage. If you decide to buy your new house before you’ve sold your current one, we may be able to help you with a bridging loan.
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Buying before you sell
What happens when you’ve found the perfect new home but haven’t yet sold your existing one? If you need the proceeds from the sale of your existing home to buy your new one, but the timing is out, you may like to consider bridging finance.
Bridging finance is a short-term home loan. It lets you purchase your new home before you’ve sold your existing one.
Benefits and risks of bridging finance
Benefits
- Search for a new home with confidence, even if you haven’t sold your existing property.
- Pay interest only on your bridging loan, which can make it easier to manage your payments.
- If you have funds left over from the sale of your existing home, you could consider using this money to reduce the balance of your bridging loan.
Risks
- You’ll have two loans for a period of time, so you’ll need to keep up with payments on both.
- Your current home may not sell immediately.
- Your current home may sell for less than expected, so you end up with more debt than what you planned for.
As you’d expect, bridging finance loans are subject to specific lending criteria. Please discuss which options are best for you with one of our home loan experts before you sign anything.
You can check your overall home lending position in ASB Home Central. It shows you an estimated property value range and your outstanding home lending. That's useful to know when working out your options to consider bridging finance.
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Extending your existing home loan
If you need to increase your borrowings to help with your new purchase, please talk to us to see how we can help you.
If you have an existing fixed interest rate loan and would like to keep it, we can look to establish a new separate loan just for your increased amount.
Depending on the equity you have in your new property, we may ask you for a valuation from a registered valuer. Any new or increased lending is subject to our lending criteria. Our lending specialists can help you through this process.
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New home, same loan
When you sell, your solicitor will usually advise us to release the mortgage on your property. An alternative is to keep your existing loan, and substitute your new property as the new security. That can be handy if you're halfway through a fixed term loan and don't want to pay break fees, or if you want to keep a rate you locked in a while ago.
Talk to us to see if this could work for you and your current loan. Not sure how your loans are structured? Check out ASB Home Central. It can show if you have a fixed term loan and how far into that fixed term you are.
Other helpful guides
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