Beyond Your First Home

Moving on? Good for you! Buying a new home and finding a suitable loan the second time around should be even easier than your first. After all, you’ve proved you can meet the repayments, and probably built up some equity to boot.

You now have considerable clout. We know how to best use it to your advantage, and get the best possible result.

We can also arrange bridging finance, enabling you to buy your next home before your existing home is sold. In lesser hands it can be tricky, but we ensure it all runs smoothly.


FAQ’s

We know you have lots of questions. So, we’ve provided answers to the most common ones here.

Will I be subject to other fees that I did not incur the first time?

Generally the fees are very similar, with the exception of discharge fees related to your current home loan. These will typically set you back a few hundred dollars depending on the lender but we will navigate you through this. If you happen to have a fixed rate loan break costs will apply if cancellation occurs before the end of the contract term.

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

Bridging finance may be an option. It is a loan that enables you to buy a new home before your existing home is sold. It can be tricky and not without its risks, so it’s really something you need to discuss with us.

Can I keep my first home as an investment?

This could be your start to an investment portfolio as it is for a lot of Australians. We can look through your financials and see if this stacks up and service both loans, bearing in mind that rental income can be a contributing factor to serviceability.

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 current home may leave you in a better state providing you with more access to products and potential discounts. See our borrowing calculator for reference.

What’s the difference between variable and fixed rates?

Variable interest rates move. Normally relative to changes in official interest rates set by the Reserve Bank of Australia. A variable rate loan is beneficial when rates are on the decline. Fixed interest rates don’t move. You can fix your rate for a particular period of time, normally between 1 and 5 years. But it’s most beneficial when rates are on the rise.