Upgrader

Beyond your first home

Looking for more space or simply wanting to upgrade or even downsize? We’re here to help make your next property buying experience a great one.

Buying a new home and finding a suitable loan the second time around should be even easier than your first, but it’s likely a few things have changed since then. Your income, the size of your family, and any additional debts will all play a part in determining the details and size of your next home loan – and that’s where we can help.

We will review your current financial position and then walk you through the best options to get you into your next property smoothly.

Whether you need to sell your current property or want to hold onto it as an investment, we’ll discuss with you all the available options so you can make an informed decision that keeps you comfortable.

Book an appointment

How can we help?

Utilising equity

If finding enough funds to buy your next home is proving to be a little more difficult that you expected, you may be able to utilise the equity in your current home. Accessing available equity can be easier than you think and could mean you’re closer to an upgrade sooner than you think!

Talk to us about assessing your current equity status and we’ll help you find out what your equity value is and if you can leverage it to finance your next home.

Bridging loans

Bridging loans can help you complete a property purchase before you have sold your existing home by offering short-term access to money to facilitate the transaction.

There are a number of risks and costs involved, however they do allow you to buy your new home as soon as you’ve found it and means you avoid having to place a subject to sale offer. In some cases, we can avoid bridging loans by developing an alternative loan strategy.

Portfolio structuring

Looking to retain your current property as an investment? It’s important we implement the correct structures upfront, so you benefit from your investment. A lot of factors need to be considered so give us a call and we can talk through the details and your personal situation.

Property reports

Want to know if you’re picking a winner? Our relationships with lenders mean that we have access to tools that assist in the home buying process. From property and finance reports to good knowledge and experience, we can assist you with due diligence to ensure you purchase a property at the right price that you’re going to be happy with well into the future.

FAQs

How much do I need for a deposit?

Most lenders ask for 5% of the property value as a deposit is the general rule of thumb. However, it’s important you factor in purchase costs like stamp duty, conveyancing and potentially lenders mortgage insurance (LMI).

The bigger deposit you can save the better as it means we will be able to find you more options to choose from and overall it will make the approval process easier.

I have found my new home but haven’t sold my existing home. What should I do?

You can always put in a subject to sale offer, or you may like to consider a bridging loan. Bridging loans enable you to buy a new home before your existing home is sold. It can be tricky and has some risks, so it’s really something you need to discuss with us and we’ll find you the safest options.

Can I keep my first home as an investment?

If you’re financially able to – then yes, definitely! This could be your start to an investment portfolio. We will look through your financials and evaluate your ability to make repayments on both loans, including any potential rental income your new investment property may be able to contribute to the repayment amounts.

How much can I borrow to buy my next home?

While this is a slightly different scenario to buying your first home the same requirements exist when proving you can foot the bill.

Your income and current debts will be a key factor and any growth in value on your current home may put you in a better borrowing position with more access to products and potential discounts. Try out our borrowing calculator to punch some initial borrowing power figures.

What’s the difference between variable and fixed rates?

Variable interest rates move up and down and normally relate to changes in official interest rates set by the Reserve Bank of Australia (RBA). A variable rate loan is beneficial when rates are on the decline or you need flexibility in your home loan.

Fixed interest rates don’t move. You can set (fix!) your rate for a particular period of time, normally between one and five years, and is most beneficial when interest rates are on the rise or want certainty in repayments.