Hi Andrew,
If you really need to buy the new property before selling the existing one, and needs funds for the downpayment, of course it makes sense to take a bridging loan. The drawback is the high interest rate since this is a short term loan.
Another option is to sell existing property, get the sale proceeds then buy the new property. But it will probably take ~4 months before you get the sales proceed. I would think you have considered this option before.
I really see bridging loan as a last resort. But if you really need it, then you must take it. I can recommend some bankers to you if you would like to find out more regarding bridging loan.
Please contact me at
96836230
for further discussion.
Thanks,
Ander ERA
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