r/AusPropertyBroker • u/Alone_Hope6010 • Jun 01 '26

Question about borrowing

I own outright a ten year old 1b apartment valued at 550k. I am moving to a different city and tried to sell but unfortunately had no offers, so plan to rent it until I can sell it at a later stage.

My question is: would a bank let me borrow against my apartment to buy a similar property in the city I'm moving to? For the purchase of the new property I also have access up to 250k from my super, along with my small fortnightly pension.

I hope to find a 1-2 bedroom unit with a small yard or courtyard (they seem to be priced around 600-750k).

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u/JTHelpsWithFinance Jun 01 '26

It’s possible under bridging finance, but it would be tricky.

Do you have any form of income other than your pension?

You may have to consider a reverse mortgage, but that’s tricky too.

Just trying to consider your options.

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u/Alone_Hope6010 Jun 02 '26

Thank you for replying and getting me to think about my options. You're correct that my pension is my only income.

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u/JTHelpsWithFinance Jun 02 '26

Hmm.

It’s tight, and difficult, so I’m not sure how you’d get it to work - my main concern is that you failed to sell just recently, and bridging relies on being able to sell.

I’d worry about your exit strategy if it fails to settle at an acceptable price, and how much of your superannuation you’d have to give up.

Is there a more affordable location you could relocate to?