I own a townhouse outright and want to use this to buy another bigger home to move into. I want to borrow without a deposit using this property. Which loan do I need? Who is a good lender to go through. I have no creditcards or debt or loan payments. Can anyone advise? Oh and I am in Brisbane, Queensland.
Which loan should I get? I have a property owned outright and want to buy another using this? What loan?
You don't mention if you want to keep the townhouse your in but I'm thinking you want to sell this townhouse and use the proceeds to buy a bigger home. In case I'm wrong, I'll address both:
If you have a townhouse already you own outright, you can sell that and use the proceeds as the "downpayment" on the larger home. If you want to keep the home, you simply refinance the home to get the amount of money you need, take the money, and use that for the downpayment. You will then be paying two loans but you will have two assets to cover it.
In terms of loans, see the two links below for comparison sites and for Queensland Bank
Cheers Mate!
I hope this was helpful.
Take Care,
TBG
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