Buying and selling at the same time? If you're an ASB customer you may be able to keep your existing home loan and use your new home as security under a new mortgage. If you decide to buy your new house before you’ve sold your current one, we may be able to help you with a bridging loan.
What happens when you’ve found the perfect new home but haven’t yet sold your existing one? If you need the proceeds from the sale of your existing home to buy your new one, but the timing is out, you may like to consider bridging finance.
Bridging finance is a short-term home loan. It lets you purchase your new home before you’ve sold your existing one.
As you’d expect, bridging finance loans are subject to specific lending criteria. Please discuss which options are best for you with one of our home loan experts before you sign anything.
You can check your overall home lending position in ASB Home Central. It shows you an estimated property value range and your outstanding home lending. That's useful to know when working out your options to consider bridging finance.
If you need to increase your borrowings to help with your new purchase, please talk to us to see how we can help you.
If you have an existing fixed interest rate loan and would like to keep it, we can look to establish a new separate loan just for your increased amount.
Depending on the equity you have in your new property, we may ask you for a valuation from a registered valuer. Any new or increased lending is subject to our lending criteria. Our lending specialists can help you through this process.
When you sell, your solicitor will usually advise us to release the mortgage on your property. An alternative is to keep your existing loan, and substitute your new property as the new security. That can be handy if you're halfway through a fixed term loan and don't want to pay break fees, or if you want to keep a rate you locked in a while ago.
Talk to us to see if this could work for you and your current loan. Not sure how your loans are structured? Check out ASB Home Central. It can show if you have a fixed term loan and how far into that fixed term you are.
Ready to take the next step?
Get started with your home loan application online. Provide a few details and one of our home loan specialists will be in touch to complete the next steps with you.
This form will take 5-10 minutes to complete.
Our home buying experts cover much of the country.
We're here weekdays 8:00am - 6:30pm or Saturday 8:30am - 5:00pm to answer your home loan questions.
Visit us at one of our many branches across New Zealand.
ASB’s lending criteria, terms and fees apply.