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December 14, 2011
1. Your lender will advance enough funds at settlement to cover the purchase price of the property you want and all the associated costs such as government fees and charges, and conveyancing fees.
2. If you have a loan on your current home, the lender will generally pay out the loan and lodge a new mortgage on your current home. Usually, bridging finance is available for 6 months if you are buying an existing property or up to 12 months if you are constructing a new home. This gives you plenty of time to sell your existing home.
3. If your current home hasn't been sold and settled or construction isn't complete at the end of the relocation finance term, the lender will increase the interest rate.
4. When it comes to repayments during the relocation loan period, the interest charged during the relocation period is capitalized so that you do not have to make loan repayments until the relocation period has ended. It is important to remember that during the relocation period, the bigger the loan repayment you are able to budget for and make, the smaller the amount of interest charged to you by your lender.