Buying your next home
Home loan advice to help finance your move from one home into your next.
If you’re considering a move into your next home, you may wish to understand how to manage your home loan through the process. We are here to provide all the answers and walk you through the options to find the right approach for you.
There are four main approaches to financing your move. The most common scenario is when you have found the home you want to buy, but the money to pay for it is tied up in your existing home. In this situation, a bridging loan may work for you. A bridging loan is where you borrow the money to buy the new home, and you have up to 12 months to sell your current home. Once your current home settles, the proceeds of the sale are used to pay down your overall debt.
We have long term relationships with all major lenders and with our expertise in banking policy, you can feel confident that we have a good chance of getting your bridging loan approved.
Best of all, we don’t charge you a fee to use our service as we are paid by the lender when your loan settles.
Allows you to buy a new property and gives you up to 12 months to sell your current home.
Selling and buying at the same time
Settlement is arranged to be within a few hours of each property so the equity can transfer from one to the other.
Keep your existing home as an investment property
The equity in your current home is accessed to pay for the deposit/buying costs of your new home and then you take out a loan to pay for the balance.
Rent your home back
Sell your home, then arrange to rent it back from the new owners while you find a new home to buy.
Buying your next home using bridging finance
Our simple step-by-step guide to moving from one home to the next using a bridging loan:
At this point, you will need to have a good idea of how much you think you can realistically sell your home for now and how long you think it will take to sell. We will answer all your questions like how much you can afford to spend on your new home, what you can afford to borrow / repay, and how much equity you will get from the sale of your home.
2. Sign the contract of sale on your new home (based on using bridging finance)
3. Home loan application process
4. Home loan approved
5. Settlement on the home you are buying
6. Touching up your old home
7. Selling your old home
8. Paying down the debt
What our clients have to say.
Viktor was extremely professional and knew what he was talking about. He offers great service for everyone and tells you the honest truth. He tells you what you need to hear and will keep you in track to reaching your goals. Honest, professional and knows-it-all.
Victor was so helpful and patient with us when buying our first home. No question was stupid, he responded to emails/texts promptly, after hours appointments weren’t a problem. Would definitely recommend him.
Victor was absolutely fantastic and we could not have asked for a better mortgage broker. He was very professional and so helpful every step of the way from first meeting up until everything was settled. Victor made sure everything was as easy for us as possible. Victor definitely had our best interests and goals at the forefront. Absolutely deserves 5 stars!
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