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.

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Four different approaches to financing your next home:

Bridging loan

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:

1. Preparation

We will take you through the four different approaches to finance your next home, so you can decide which is right for you. Whichever you choose will depend on where you are at currently and what you would like the outcome to be.

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)

Once you’ve found the home you want to buy, you will need to sign the contract of sale and pay a usually refundable deposit. The terms you negotiate in the contract will be heavily influenced by which financing approach you choose. As this often involves a second property, allow double the time you would normally for getting your loan approved and for settlement. We will talk you through what you need to know for each approach.

3. Home loan application process

To get the home loan application underway, you will need to complete our simple online fact find and upload your supporting paperwork like payslips, bank statements and the contract of sale, so we can understand your financial situation in detail. Once our research is done, we will meet face-to-face to discuss how your home loan works and what steps are involved in the purchase / sale loan and what you need to watch out for. Once you’ve signed the application, we’ll handle all the fine print and get it submitted to the lender.

4. Home loan approved

Waiting for home loan approval can be nerve-wracking as it can take from two-to-seven business days. We will follow up with the lender regularly and keep you updated. Our expertise in getting home loans approved means that you can feel reassured you’re in good hands. Once the loan is approved you will need to pay another deposit from your savings to the real estate agent (the amount is shown in the contract). We will meet face-to-face to sign your loan documents and get them submitted to the lender for approval.

5. Settlement on the home you are buying

Your solicitor and the bank will arrange settlement on your behalf. Once it’s finalised you can pick up the keys and start to move in.

6. Touching up your old home

Often people will give their old home a good clean up and a new coat of paint. It’s better to have the home furnished when you are trying to sell it, so either leave furniture behind or rent some furniture to stage it.

7. Selling your old home

Find a good real estate agent to work with and get have them arrange professional property photos so you can get the home listed and sold. Most banks will give you 12 months to sell from the date of settlement of your new home.

8. Paying down the debt

Once your old home has been sold, get in touch with us again so we can talk you through how to pay down your overall debt, where to put any surplus funds and making sure it settles on time.

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What our clients have to say

Blackk Finance

5.0

Based on 27 reviews

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Blackk Finance

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Upon recommendation of a couple of friends, we had spoken to Victor Kalinowski at Blackk Finance a couple of times over the past two years whilst we looked for our first home. In the beginning, when we were just starting to look seriously, Victor provided us with invaluable advice on demonstrated savings required, deposit amounts, the impact of LMI, and what documentation we’d need to provide for a loan application. We had been looking for a house for about two years and decided to give it a break for a bit - we had encountered some disappointment in the market, and our circumstances had unexpectedly changed. Of course, when we weren’t looking, we accidentally found ‘the house’. We were in a complicated situation (being a small business owner has an impact on loan options, and we had just been through a period of significant health expenses). Instead of shying away from us as a challenging client, Victor dedicated himself to understanding our circumstances and tailored loan options that would be suited to us now, and in the future. He did a lot of research and made a lot of phone calls for us, checking requirements and information, and assisting us with preparing the right documentation, to ensure we would be in a position to get the loan we needed before applying; it was kind of like a pseudo-pre-approval process. Timeframes were very tight (we had 21 days but ended up needing a 2 day extension because the lender had a backlog) and there was a lot of back and forth and gathering of documentation, but in the end, it has all been worth it. Yesterday, we picked up the keys to our very first home. Victor’s advice and support has been invaluable - he knows the lenders, he knows their products and he knows their requirements. Most importantly, he makes the effort to get to know you, and your circumstances, and appropriately match you to the best loan options. He can talk you through the pros and cons of it all, and has a great attention to detail. And for us, he went above and beyond to follow things up with solicitors and banks, even when the process had technically ended for him (thanks Victor!). We would highly recommend working with Victor for property finance, to anyone (he does residential and commercial). He’s really easy to get a hold of and has a transparent approach to his work. Thank you, Victor, for all of your hard work and perseverance with us, and helping make our dream become a reality! Rhiannon and David

Rhiannon W.

06:44 01 Aug 19

I have been working with Victor and his team on and off over the last 8 ½ years now, buying three properties and also helping me with a car loan.Over the years I have found Victor to be very professional and knowledgeable with the services he provides.I am still looking at purchasing more property in the future and Victor will be a part of this journey if he likes it or not.Thank you very much Blackk Finance, Keep up the good work.

les D.

09:02 24 Jun 19

Victor and his team have been helping my wife and I for around 7 years. He impressed us from the start by flying up to Rockhampton to meet us and help to structure our loans and lending so that we could buy our dream block of land. The service continued throughout the years with Victor always approachable, friendly and willing to go the extra mile for his clients. An example of this is Victor meeting us at the airport at around 9pm at night so we could get all the documents signed to allow us to settle a property ASAP. The great thing about Victor and his team is that you don't just become a number and fade into the background after a few years. Victor always returns phone calls and has your information to hand when talking to his clients. We are now in our dream home and Victor is still helping us get the best deal possible in regards to lending, combined with great advice on how to structure the loans to get the most out of every dollar. So if you want great service and honest advice then Victor and the team at Blackk are the people for you.

Shane A.

21:16 19 Mar 19

Victor was very helpful from the day we contacted him just to get general information about buying a house. He is very knowledgeable and was always very patient answering all our questions. Victor and his amazing team provided support along the way and after we purchased our house. I would definitely recommend Blackk Finance to all my friends and family!!

Helena S.

09:35 14 Feb 19

My wife and I were looking for a broker after seeing the house we thought it was perfect for us. The right size, price and even street! So we found Blackk Finance when researching online and went to meet Victor. See, we were not just first home buyers but we also had no idea about how mortgages work. To top that, I’ve just started working as self-employed photographer and financial institutions don’t exactly love that.After reviewing our situation, Victor said we could try it but it would be complicated so we went ahead and made an offer for the property. A few days later our solicitor (who’s amazing and was Victor’s recommendation) had contracts signed and everything was ready and perfect for us to apply for the loan. Victor has lots of contacts and sadly when it was time for us to apply, a little situation started in Australia and the banks got spooked. So there we were, contract signed, first deposit paid, building inspections done and so on, and the banks saying no before we could even apply for a loan - and Victor trying every single magic spell mankind has ever heard of (and some probably only he knows).Day in, day out, Victor tried EVERYTHING. In the end, there was a chance and we decided to go for it, only to see it declined by the banks. While my wife and I were frustrated and sad, Victor has never for a second given up. And for that we are forever thankful. Mind you, this was all happening in the lead up to Christmas and New Years.And this was the 5 star review we were writing even though we didn’t succeed - which was entirely our fault - to Victor Kalinowski, first of his name, wizard of Oz finance and brave restless knight.Anyone could have given up on us and it would be completely understandable. We were a very difficult case and it was a lot of work to even try getting us a loan. Most brokers would probably say “sorry, can’t help, come back in a year when you do this, this and that”, but not him. Instead he was honest and open about our chances and the work it could take, to get everything ready and still receive a no for an answer. And that’s exactly what happened: after trying everything, we accepted the fact we were not buying this house, this time.But then something changed in our situation, a little thing, and I called Victor to tell him. With the same excitement he said that would change everything and we should try. At this stage, time was really against us. For a whole week Victor worked hard to get things done in time.And here we are now, packing our stuff to get ready to move in to our new home.Victor, we cannot thank you enough, I couldn’t just write a review saying “yes he’s the best broker in town” because without explaining what we all went through together, it would be hard to make people understand how much you care and work hard. We know you could have spent your time working with easier clients and yet you haven’t stopped for a second.Thank you thank you thank you,(and Debbie)Bruno and Roberta (and Helga)

Bruno Spotorno D.

07:46 15 Jan 19

My partner and I had been recommended by friends to contact Victor at Blackk Finance for the purchase of our first home. From the initial meet and greet late one evening to the actual purchase / finance of our property the positive experience continued.Victor was more than happy to talk us through all aspects and options available to us, this included understanding our personal circumstances and always maintaining options that would have our best interests first.The process was simple, convenient and we could not meet someone more willing to help and answer questions, giving confidence at every step along the way.We could not recommend Victor and the team enough and without questions would use them again for any future finance requirements.Thank you again for all your assistance and support!Brent & Shoko

Brent M.

12:50 06 Jan 19

I would give Blackk Finance 10 stars if I could. Victor & Debbie were simply amazing!! I personally found purchasing our first home a bit scary but Victor coached us through the whole process and always managed to reassure me. He never seemed annoyed at my endless questions & was very well prepared for everything we threw at him.Thank you for not giving up on us. I know it took us a while but now thanks to you we will be enjoying Christmas poolside in our new home!! We will definitely recommend your services to all our friends and will be back the next time we’re in the market for a new home. 🙂

Christina H.

22:32 20 Dec 18

Victor is extremely approachable, friendly and professional. He instills a confidence in you that he is genuinely making suggestions based solely on your best interests.We felt very looked after by Victor and truly wondered why anyone would even bother looking for finance on their own.Even when freak complications arose, Victor worked very hard to both rectify the situation and continually communicate with us about it.I would wholeheartedly recommend that anybody looking for a home loan speak with Victor immediately.

Gavin H.

01:53 03 Dec 18

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