- May 17, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Seeking a Bridging Loan with Kiwibank
We currently have a fixed rate mortgage with Kiwibank, and are considering moving to a new house. In our quest to explore the possibility of obtaining a bridging loan from Kiwibank, we reached out to inquire about the process. Surprisingly, we received a response stating that they do not offer bridging loans in this particular situation. This came as a shock to us, considering that bridging loans are a well-known and widely used mechanism in such scenarios. Furthermore, we noticed that bridging loans are prominently advertised on Kiwibank’s website, adding to our confusion.
After following up with Kiwibank on the matter, we were informed that the website information may be outdated, and were given unsolicited advice to save up for a deposit for the second house or to sell our current house before purchasing a new one.
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Kiwibank are correct, banks are reluctant to do bridging loans these days. You might find a second or third tier lender that might do it, will cost you quite a bit. Alternatively sell your place with a super long settlement period.
Banks will do bridging loans but it really depends on your situation.
Open Bridge – Where you buy a new property and intend to sell your current property but have nothing confirmed. The banks don’t really like this option as there’s no certainty. You don’t know what you’ll get for your place, you typically need to have cash to cover 6 months of interest and if you are anywhere around Auckland/Tauranga which seems to be saturated with house sales at the moment it may not be the smartest idea for yourselves in a flat or potentially falling market.
Closed Bridge – Where you buy a new property and have a confirmed sale of your place. The bank will be much more open to this idea as they know your exact end position. This generally should be quite straight forward.
If you can get yourself into a position of a closed bridge, it’ll be heaps easier. Open bridge is possible but you’ll need to be in a strong position now just incase the sale of your current place drags on and on.
If you have enough equity just pretend you are keeping the original home as a rental then you can add x amount to your income as rental income. If its enough extra income on paper to cover the enormous mortgage you’ll now have, you can just sell your house afterwards and have effectively bridged your loan without all the BS.
We did this so when we found the house we wanted there was no chance of losing it, huge mortgage payments for a few months but that’s the risk you take
Only saw two examples in previous posts about this.
One had multiple properties and a lot of existing capital.
The other had the selling and buying already locked in and was for a very short term.
BNZ just changed some of the terms on my home loans and this was one of the changes.
Seems all the banks are getting rid of this facility
We got open bridging over a year ago but we were in a possibly unique financial position. The bank lectured us relentlessly saying that we have 3 months to buy and then the bridging offer will be taken away.. But they gave in and gave it to us for a further 3 months while we were looking and eventually we needed to bridge for a month. You’ll really need to plead your case.
I tried to do it with Kiwibank back in 2021 when the market was hot and they said no.
I wasn’t actively looking to buy but the perfect house came up and i missed out on it