Upgraders/Movers
What are my home loan options when buying my next home?
Moving would be so easy if we sold our current home at the same time as buying a new one. But things don’t always work out that way. In fact, there can be a whole range of reasons why you buy a new property before selling your current home.
If you do opt to buy before selling, it’s good to know there are finance options available to secure your new home while still managing the mortgage on your current property. What are my options for upgrading?
Upgrading simply means selling your current home and purchasing one that’s a little further up the property ladder. There can be a raft of good reasons for upgrading. As the kids get bigger you may need more space. You may be hoping to secure a better location. You may be keen to trade up from an apartment to a house. Or you may be relocating for work purposes.
Whatever your reason for upgrading, it’s important to think through the financial aspects. You have probably built up sufficient home equity to be able to afford an upgrade but you should also consider how you’ll fund the move
