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Bridging Loans: Your Path to Your Next Property Purchase

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Are you eyeing your dream home but haven't sold your current property yet? A bridging loan might be the solution you're looking for. Let's dive into everything you need to know about this flexible financing option. What Is a Bridging Loan? A bridging loan, as the name suggests, bridges the financial gap between selling your existing property and buying a new one. It's a short-term financing solution that allows you to purchase a new property before selling your current home. How Does a Bridging Loan Work? Think of a bridging loan as a temporary financial bridge. Here's a simple breakdown: You borrow the amount needed to purchase your new property Your existing property acts as partial security The new property becomes additional security Once your existing property sells, you pay down the bridging loan The remaining amount converts to a standard home loan Benefits of Bridging Finance Flexibility : Purchase your new home without rushing to sell your current property ...
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Dreaming of Homeownership: Your First Steps as a First-Time Buyer

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  Congratulations on taking the first step towards homeownership! This is a big milestone in your life. I’m Joshua Beniston, one of the partners and finance specialists at NewStart Financial Solutions. We’re here to help you every step of the way with your home buying journey. I know firsthand it can seem like so much work and a juggle in trying to bring all this together, its why we like to do a discovery session with people to try and simplify the process and support people along the way.  Before you start looking for a home, it’s important to make sure you’re ready. Here are a few things to think about: * ** Financial Stability :** Make sure you have a steady income and are on top of your finances. This means having a budget, paying off debts, and having an emergency fund. Being financially stable is the key to a successful home buying experience. It means you can handle the costs of owning a home. * ** Long-term Plans : * * Think about where you want to be in the next few ...
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MORE on Mortgage Rates, what you need to know!

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The Impact of Interest Rate Changes: How They Affect Mortgage Payments and Overall Affordability Interest rates are a fundamental aspect of the housing market, influencing everything from monthly mortgage payments to the overall affordability of homes. For potential homeowners and investors, understanding how these rates work, and their impact is crucial for making informed financial decisions. Here’s an in-depth look at how changes in interest rates can affect your mortgage and financial planning. What Are Interest Rates? Interest rates represent the cost of borrowing money, expressed as a percentage of the loan amount. They are influenced by various factors, including the Reserve Bank of Australia’s (RBA) cash rate, economic conditions, inflation, and lender policies. When the RBA adjusts the cash rate, it directly impacts the interest rates that banks and other lenders offer to borrowers. How Interest Rate Changes Affect Mortgage Payments Monthly Repayments: Increase in Rates: When...
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