It’s becoming harder for Aucklanders to borrow money for a new house if they haven’t already sold their current home.
East Auckland mortgage broker Bruce Patten said he was getting about 12 calls a week from people having trouble getting bridging finance from their banks to buy a new home before selling their old one.
“We are getting a huge amount of requests at the moment, mainly because people don’t want to sell before they secure something. But with auction clearance rates starting to drop they run the risk of being left with two houses and big debts, or selling for less than expected and a much larger debt,” he said.
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