"The process of finding a new property hasn't changed much. However, the process of finding a great value home loan has."
You've done it before, but sometimes it can seem no easier the second time round. If you're changing lender and buying another home, we can take care of the changeover. You don't need to provide proof of genuine savings, like you did the first time round. You're even likely to have some equity in your current home, meaning you can probably borrow more.
If you're selling and buying at the same time and need funds from the sale of your current home to purchase your next property, it's normally best to:
- Complete the sale before you settle on your new property, or;
- Arrange a simultaneous settlement.
But if for some reason the settlement date on your new home comes first before the settlement date on the sale of your current home there might be a period when you need a home loan to cover two properties. Your ability to do this will be helped by:
- Proof of enough income;
- Have a decent amount of equity in your current property;
- Aim to keep your loan to no more than 80% of the value of both properties put together. That way, you'll be eligible for bridging finance, avoid Lenders Mortgage Insurance and any other lender restrictions.
We will find you bridging finance with standard interest rates instead of paying an inflated 'bridging rate', which means interest savings for you.
We always recommend you contact your solicitor or conveyancer requesting a section 27 to be served on the purchaser of your current home. This will allow you to access the purchaser's deposit less real estate agent fees so you can utilise these funds to purchase new furniture or use as a deposit for your next purchase.
If you buy a property and you don't have the 10% upfront in cash required as a deposit, we can organise a deposit bond for you which acts as your cash deposit substitute. This method of payment has to be agreed upon by the vendor and would only take up to 48 hours to organise.
If you would like to know more about buying another home you can:
- Call us during business hours on (03) 9700 7033.
- Make an appointment or Submit an enquiry,
- Spare no more than ten minutes and fill in our online assessment form. By completing this form it will enable us to better prepare ourselves when presenting your finance options at your future appointment. After you click on submit we will call you to arrange an appointment.