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Buying Your Next Home
Sea change, tree change, upgrade or downsize, buying a second home to live in or keeping your first home as an investment? We’re here to make buying your next home a little easier.
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Have one of our team contact you for advice on buying your next home. All advice and reports provided by the Assured Lending team are completely cost and obligation free.
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Buying your next home
Even though you’ve been through the process before, when it comes to buying your next home, there’s a lot more to consider. The first step is getting a property valuation on your current home so you have an idea of how much equity you will have available to put towards the new purchase. An Assured Lending Mortgage Broker can talk you through the options for your new purchase and assess your borrowing capacity.
Get A Free Desktop Property valuationWhat to do with your current property
Getting an understanding of your borrowing capacity depends on what you plan to do with your current property. Your broker will walk you through the pros and cons of each option for your specific circumstances.
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Sell then buy
Selling your current property first is a safe option as it gives you an exact amount that you have to put towards your next purchase. If you sell your current home before buying your next one you may need to line up alternative accommodatio
Selling your current property first is a safe option as it gives you an exact amount that you have to put towards your next purchase. If you sell your current home before buying your next one you may need to line up alternative accommodatio
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Buy then sell
Buying a new home before selling your current property means you can move directly to the new home without having to find alternate accommodation. This option is higher risk as you have no guarantee of how long your property will take to sell or for what amount. When purchasing a new property before selling, you may require a bridging loan, which covers the period between buying and selling. Bridging loans do not provide the same borrowing capacity as lenders put buffers on the projected sale price of your current home and bridging loans come with higher interest rates.
Buying a new home before selling your current property means you can move directly to the new home without having to find alternate accommodation. This option is higher risk as you have no guarantee of how long your property will take to sell or for what amount. When purchasing a new property before selling, you may require a bridging loan, which covers the period between buying and selling. Bridging loans do not provide the same borrowing capacity as lenders put buffers on the projected sale price of your current home and bridging loans come with higher interest rates.
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Buy and sell at the same time
Buying and selling at the same time means your current property sale and new property purchase both settle on the same day. This can be difficult to arrange as all parties need to agree on the same settlement date and if there is a delay with one settlement, it effects the other. If a simultaneous settlement can be arranged, it allows you to move out of your current home and straight into your new home on the same day.
Buying and selling at the same time means your current property sale and new property purchase both settle on the same day. This can be difficult to arrange as all parties need to agree on the same settlement date and if there is a delay with one settlement, it effects the other. If a simultaneous settlement can be arranged, it allows you to move out of your current home and straight into your new home on the same day.
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Using your home as an investment property or purchasing a holiday home
If you have enough equity in your current home, you may be able to keep it and draw the equity out to be used towards the purchase of a new property. This will also be dependent on your ability to show you meet a lenders borrowing capacity to afford both loans.
If you have enough equity in your current home, you may be able to keep it and draw the equity out to be used towards the purchase of a new property. This will also be dependent on your ability to show you meet a lenders borrowing capacity to afford both loans.
How we'll help you get the right loan
Our approach is tailored to your circumstances. With Assured Lending, you can be sure we will work hard to get you the best deal in the market.
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We'll show you how to use the equity in your new home for your next purchase
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We’ll help you maximise your borrowing capacity
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We’ll complete all the paperwork and liaise with the lender on your behalf
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We’ll find the most suitable loan options for you from Australia’s leading lenders
We compare over 40 of Australia’s leading lenders with a choice of hundreds of home loan products
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No matter where in Australia your located, we'll find the right loan for you.
Get in touch with our team for a free 15-minute consultation call.
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