Next Home Buyer – Upsizing Or Downsizing Your Property
When setting up to purchase your next property, there are many things to consider, particularly in relation to your lending. Often, you will be selling a property in order to finance the next one, so some important timing considerations and borrowing options need to be discussed.
There are many considerations here, mostly that you don’t want to end up ‘homeless’ for a period. We can do the math and discuss your options prior to listing your current property and going hunting for your next home.
We will work with you to:
- Consider if bridging finance may be appropriate to cover your sale and purchase
- Consider if the purchase can be facilitated via careful timing of contract clauses without bridging finance
- Set a purchase budget and sale budget. We often produce what we call a purchase table in a range of differing purchase prices to arrive at an approximated repayment. This will assist you visualise your budget and help you set a ‘limit’ for your purchase. This ensures you are not overcommitting to your purchase and comfortable with the ‘affordability’ and ongoing loan repayments.
- We will take you through differing options within loan types, etc to come up with a good much to your requirements rather than you fitting into an offering of the bank and ensures a great outcome.
- We also answer as many questions as you may come up with, and connect you with associated professionals such as a solicitor to act in your purchase when the time is appropriate. A great agent here is essential to your outcome. Remember – you are likely getting the timing right on both a sale and purchase. We have seen these scenarios before and can take you through them.
- We will assist you with some strategies to pay down your loan faster and save you on money on your loan.
- Get any necessary approvals or preapprovals in place
Whatever your goals regarding your next home, let us make the most of them with you and maximise your financing outcomes. Give us a call today!