Moving Home Loan

Are you searching for a home loan to purchase a home to move into

People move house for a lot of different reasons. No matter why you’re moving, a Lend a Loan Mortgage broker can help you better understand all the implications and find the right home loan that suits your needs.

In many cases, moving from one house to another can be easier than getting your first home and buying your first home. In most cases you have been able to build up some equity, you have proven you can pay a mortgage, and that means that it will be likely for you to have more choices than you did on your first home purchase.

But not everything is straight forward. You will definitely need to make some big decisions about when to buy your and how to buy your next home, and what to do with your old home.

Eight steps to your next home movement

  1. Free consultation
    We’ll help you assess your financial situation, borrowing capacity, and purchasing goals.
  2. Pre-approval
    We’ll apply to a lender to confirm how much you can borrow.
  3. Property search
    We’ll supply you with excellent property market data to help you find the right home.
  4. Auction or purchase
    We’ll make sure you’re ready to buy, arranging a deposit guarantee if required.
  5. Home Loan Selection
    We’ll find you a selection of appropriate options with the most competitive rates.
  6. Home Loan Application
    We’ll help you get your home loan formally approved and all setup.
  7. Settlement
    We’ll keep you informed of progress and ensure everything goes smoothly.
  8. Move in!
    We’ll be here to give you support and advice to help you live happily ever after.

How to buy your next home

You have three options for buying your next home.

1. Stay safe and sell before you buy

If you sell your current house before you buy your next property, you’ll always know where you stand financially and avoid extra expenses like costly bridging loans.

Benefits of selling first:

  • Find out exactly how much money you have to spend, as you’ll know what your old house has sold for.
  • Avoid bridging loans or two mortgages at once, and save a considerable amount of money on interest.
  • Reduce pressure to rush decisions.
  • You can create time to negotiate. This may assist you in getting a better price for your home. You may also want to consider negotiating longer/shorter settlements as part of the deal (which may help you avoid having to rent).

One of our Melbourne Mortgage brokers will be able to guide you through this path. Talk to us before you sell your existing home, we’ll be able to give you an estimate on your property’s value, as well as prepare your financial documents so we can quickly arrange pre-approval when the time comes to start looking for your next home.

2. Double up and buy before you sell

It’s possible to buy a house before you sell your existing house as long as you know how to go about it. A Lend A loan broker can show you the best way forward.

Things to think about:

  • Get your loan pre-approval sorted as soon as possible.
  • Consider a loan which combines the amount for the new property with the existing amount of the old property, so you only have one loan to pay instead of two.
  • If you’re building, consider deferring payments while your new home is being constructed.

If you do choose to buy before you sell, it’s even more critical to use one of our brokers – they have the knowledge that’ll make the process as smooth as possible.

3. Keep both properties for the long term

Holding on your current property rather than selling it may be a wise move. It could help you to maximise your capital gains in the long run.

Things to think about:

  • Property often goes up in value the longer it is held, making it more likely to give you a profit when you sell.
  • A Lend A Loan Mortgage broker will be able to work out if you can afford to keep your existing home, and if it might be beneficial for your situation and financial goals.
  • We can help with estimates on your current property, rental income estimates, and an equity calculation.
  • If you don’t sell, you’ll need to raise funds for the deposit from savings, or through the equity you have built up over the years in your current property.
  • You may need to refinance – we can show you the best way to go about it and find the right home loan for your particular needs.

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