When you’re ready to upgrade and purchase your next home, life is usually a little more complex. It’s crucial to seek the right advice and make informed decisions when upgrading your home. Lifestyle Loans can help you understand the costs associated with selling and buying your new home, making it seamless and stress-free.
Frequently Asked Questions
In most scenarios, you will need the funds from selling your current home to purchase your next one, but there are a few options available:
Selling First: list and sell your current property before purchasing your new home.
List & Pre-Approval: you can list your property and we can organise a pre-approval for a new loan, subject to the sale of your current home.
Ideally, we can co-ordinate the sale of your current home to line up with the settlement of your new purchase. Lifestyle Loans can simplify this process and work out the best approach to selling and buying your new home. Get in touch, our expert brokers are here to guide you through.
The amount you can borrow depends on your income, expenses, credit score, and the lender’s criteria. It will also depend on the sale of your current home and the equity available to put into your new purchase. Fill out this form to understand how much you can borrow today.
Pre-approval is a process in which a lender assesses your financial situation to determine the amount they are willing to lend to you for a mortgage. This process includes reviewing your credit score, income, debt-to-income ratio, and other financial details. With a pre-approval, you’ll have a clear understanding of how much you can borrow and the price range of homes you can afford. Talk to one of our lending specialists today to begin your pre-approval process.
Costs can include real estate agent fees, legal fees, stamp duty, moving costs, and any repairs or renovations needed to sell your current home. It’s important to budget for these expenses to know exactly what you can afford. This is where Lifestyle Loans can assist, get in touch with us today to find out what you can afford if you sold your current home.
Yes, you can use the equity in your current home as a deposit for your next home. This can be done by refinancing your home loan and cashing out your equity, or selling your home and realising the gain. Equity is the amount your property is currently worth, less the amount of any existing mortgage on your property.
