So, you’ve sold your house and signed on the dotted line to buy a new property! You have a few small problems standing between you and your dream home though…
- You’ve only saved enough for a 10% deposit, and the bank wants 20%
- You also need to pay transfer duties and conveyancing fees before the bond can be registered
- It typically takes a few months for the sale to be registered in the deeds office … and you’ll only receive the money due to you when the transfer occurs
- But you need that money now.
When you’re buying a home, it’s great to put down a deposit … if you’ve got the cash. The problem is, not everyone does. And there are a lot of other costs that pop up during the process. What you really need is access to the profit you’ve made from the sale of your property, but waiting months for the transfer to go through just isn’t an option…
That’s where property bridging finance comes in. Long story short, it’s a short-term finance solution that’s quickly and easily arranged. You’re advanced a portion of the money owing to you, which ‘bridges the gap’ between your current cash shortfall and your future pay-out on registration of transfer. No waiting.
Bridging the gap
Bridging finance takes the stress out of buying and selling by eliminating the waiting period on property transactions. The money is advanced almost immediately, and you pay it back when transfer goes through. There’s very little documentation, and much less hassle. Win-win!
When you don’t have immediate access to your money, bridging finance gives you the financial freedom to pay conveyancing and transfer fees, as well as settle municipal rates, taxes and levies, or even renovation costs. And the process is simple…
When you go through Rodel, for example, you sign an application form that’s been completed by your transferring attorney. Our credit department then assesses the transaction, and depending on the value, might need to see some other transaction documents. If all of your documents are in order, the advance can usually be paid within 24 hours – 80% of our deals are done within this timeframe. It doesn’t take long at all!
It’s your money, why wait?
There’s no transaction too big or too small, and you could potentially access up to 85% of the money that’s due to you. Bridging finance is affordable and convenient, and quotes are personalised to your needs.
Secure your next property without the anxiety of making ends meet. Because you don’t want a shortage of funds coming between you and your dream home.
Contact Rodel for a personalised property bridging finance quote.