Guide to Improving Your Home
Buying your next home
Buying your next home can be just as hard as it was the first time. Don’t assume it will be easier just because you’ve done it before. Take steps to make your next move stress-free!
Ready to move on?
Are you thinking of buying a new home, but worried about the difficulties of getting a home loan and financing the transition from your current home? If you plan to sell your current home to buy a new one, there might be a time gap where you need extra money to cover expenses. To solve this problem, you can get a bridging loan. Another option is to use the money you’ve already paid off on your current home to buy a new one, and turn your current home into a rental property.
Advice for purchasing before selling
Sometimes we need to buy a new house before selling our old one. This can happen if it takes longer than expected to sell the old house, or if we find our dream house before selling the old one. If we choose to buy before selling, there are ways to manage the finances and still pay the mortgage on the old house while buying the new one.
If your home feels too small or you want a change, it might be a good idea to make some improvements or move to a new place.
Upgrading means selling your current home and buying a bigger or better one. You may want to upgrade because your family is growing and you need more space, or you want to live in a better neighborhood or in a house instead of an apartment. Or maybe you need to move for your job.
Whatever your reason for upgrading, it’s important to think about the money part. You may have enough money from your current home to pay for the upgrade, but you should also think about how you will pay for the move.
When you upgrade your home, you can also get a chance to change your home loan. This means you borrow money again to pay off your old loan. Changing your loan can help you get better loan terms or a lower interest rate.
If you have a home loan, it might have a feature called ‘portability’ which means you can take the same loan with you when you move to a new home. This can save you money because you don’t have to pay the costs of getting a new loan. It’s also convenient because you can keep working with the same bank and use the same account number.
FAQs
Bridging finance is a type of loan that can help you buy a new property even if you haven’t sold your old one yet. You can use the loan to cover the cost of the new property until you sell your old one. However, it’s important to think carefully before taking out this loan. It’s usually better to sell your old property first before buying a new one. You can talk to a local Mortgage Choice broker to see if bridging finance is the right choice for you.
When you’re in between selling your old home and buying a new one, you need to make loan payments on the new home you’re trying to buy. Usually, during this time, you only have to pay the interest on the loan. Some lenders will let you put off making payments until you sell your old home, but this can end up costing you more in the long run. It’s better to make some payments if you can, so that you don’t end up owing even more later on. We have tools that can help you figure out how much you need to pay during this time.
If you have a loan during the time you’re moving houses (bridging period), you may wonder if you should still pay it back. Your lender might let you choose whether to pay it back or add it to the total amount you owe (capitalise). If you keep paying it back, your loan won’t get too big and you won’t have to pay too much extra interest.
If you’re thinking of selling your house and want to know whether it’s cheaper to rent or buy another place first, there are a few things to consider. Firstly, you need to think about the cost of renting a new place compared to the interest you’re paying on your current mortgage. Secondly, you need to consider the state of the housing market and how easy it is to sell your property.
If you want to buy a property, you might have to pay something called “stamp duty.” This is a tax that the state government charges based on how much the property costs. Every state or territory has their own rules and ways to calculate stamp duty. It’s important to know about stamp duty because it can add a lot of extra money that you need to pay when buying a property.
Additional Resources
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