When can relocation home loans be used?
Relocation home loans can be used to give the vendor access to the equity funds, locked up in their property, prior to the sale of the property. This gives the vendor an opportunity to find a property they wish to buy and access to the funds to make an offer and put down a deposit, for example.
How quickly can the loan be approved in an emergency?
With Settlement Advances, we can move fast, when there is an emergency and the vendor needs the funds quickly. Once the online enquiry is complete, we will generally need to see some of the following documentation, before we can release the funds.
- Contract of Sale - (if applicable) for the property you are selling or advancing against
- Mortgage Statement - PDF document issued by your mortgage provider
- Solicitor or Conveyancer - (if already arranged) their name, company and contact details
- Identity Verification - A clear, colour photo of the front and back of your Driver's Licence
Release of funds can occur within 24 to 48 hours when urgent.
How long will the loan term be?
The loan term will be determined to coincide with the settlement date of your property. When your property is under an unconditional offer, we can schedule the repayment to align with the settlement date. Loan terms generally run from 1 up to 62 days.
How much could I borrow?
The amount you could borrow will be determined by a number of factors. How much you need, up to 80% of your property equity value with a maximum set at $5,000,0001.
How much will the relocation loan cost me?
This will be confirmed in your contract with us, and determined by the amount you need and how long it is needed for. Please see the example loan chart above.
Take a look at our Costs and Chargespage to find out more and utilize our loan calculator.
Which geographic area do you service?
Settlement Advances serves every state in Australia.
Can I access funds to assist with the sale of my property?
Settlement Advances, via its parent company, Realty Assist Australia, has a number of associated loan products which are available to our customers. Such as Vendor Paid Advertising loans, which can assist with home staging, repairs, relocation costs and property advertising costs among other pre-sale expenses.
Are relocation home loans just for people moving interstate or abroad?
No, not at all. Relocation home loans are available to homeowners, seeking to move home and needing access to their property equity funds, prior to the sale. They could be moving only a few miles, or moving interstate.
Which relocation loan is best for you?
Please see our guide to your property funding options. It is advisable to seek financial advice, before making a decision regarding your funding options.
What documentation is required for the relocation loan?
Documentation will be required for some or all of the following:
- Contract of Sale - (if applicable) for the property you are selling or advancing against
- Mortgage Statement - PDF document issued by your mortgage provider
- Solicitor or Conveyancer - (if already arranged) their name, company and contact details
- Identity Verification - A clear, colour photo of the front and back of your Driver's Licence
Which Australian states do you service?
We operate across Australia, in every AU state.
Can I get a relocation home loan to bid at auction on a property?
Yes, that is a common use of a relocation home loan1.
Can I get a relocation home loan to put down a deposit on a property?
Yes, that is a common use of a relocation home loan1.
How do settlement advances compare to relocation loans?
A relocation loan is a more general term for a bridging loan, pending sale. While a settlement advance, is available only when the vendor's property goes under unconditional offer, and has a clear settlement date. The repayment of the advance can then be automatically aligned with the repayment date.
