Upgrading your home can result in a few different options such as:
· Selling your home first and then buying
· Buying your new home first then selling later (bridging finance)
· Buying your new home and then renting out your existing
Upsizing your home can be quite a confusing time so having a Broker to explain all the above options in detail and guide you through the process is a must!
Once you decided you are Buying a new home it is strongly recommended you seek approval through your Broker first. That way then you have a clear budget of what you can afford, and you are pre-approved with the bank of your choice that is right for you.
Some common questions to consider when you have made the decision to purchase your first home would be:
· Do you know what you can afford? Both lending and purchase price?
· Do you have to sell your existing home first?
· What is bridging finance, and can I apply?
· Or, could my existing home now become an investment property?
· Which structure is right for me?
· How long does my Pre-Approval last?
· How much deposit do I need? (cash deposit)
· How much cash at settlement will I need? (funds to complete)
Your Broker will be able to walk you through this process and give you a clear concise budget and educate you around next steps.
For an obligation free chat please contact us today to get started!
#finance #homeloan #familyhome #relocation #bridgingfinance