Hi all,
My first time moving PPOR and I think I made a boo-boo.
I bought a new place which settles on 15/1. Then I sold my current PPOR with settlement on 31/1 - thinking that I would give myself 2 weeks to move leisurely (didn't mind paying double interest for a while) to the new home.
But now my bank (Westpac) has come back saying that because I settle on the new home first, I don't have enough equity and will need to either pay down my existing loan or pay LMI.
Are there any other options available for me ? I've read that 2 weeks is too short for a bridging loan.
Thanks in advance !
My first time moving PPOR and I think I made a boo-boo.
I bought a new place which settles on 15/1. Then I sold my current PPOR with settlement on 31/1 - thinking that I would give myself 2 weeks to move leisurely (didn't mind paying double interest for a while) to the new home.
But now my bank (Westpac) has come back saying that because I settle on the new home first, I don't have enough equity and will need to either pay down my existing loan or pay LMI.
Are there any other options available for me ? I've read that 2 weeks is too short for a bridging loan.
Thanks in advance !