Property Upgraders
Making the decision to upgrade your home is one of the biggest financial commitments a family can make. At My Finance Consultants, we believe in our mantra: "Fall in love with the numbers before you fall in love with the property." Before you start looking for your perfect property, it's essential to understand your family budget, your capacity to afford repayments if rates rise, and how to navigate the complexities of buying and selling.
We specialise in providing fast and reliable home loans for growing families looking to upsize or buy their dream home. Our team understands that buying and selling a home can be complex, especially when your most valuable asset is at stake. We help you evaluate your buy vs. sell options, manage the timing, and make securing finance stress-free, so your house becomes a home in no time.
Key considerations for upgrading
If your current home no longer meets your needs, you face a significant decision: to renovate or relocate. Renovation might seem daunting due to structural flaws or the risk of overcapitalising. If moving to a new area or closer to your children's school is a priority, relocating or opting for a knock-down rebuild could be the better choice.
Before embarking on selling, upgrading, or rebuilding, consider these key issues:
Costs of Selling Your Home: Marketing and real estate fees.
Costs of Buying a New Home: Include stamp duty, legal fees, and other associated expenses.
Costs of Building or Renovating: Assess the financial and logistical aspects of your renovation or rebuild plans.
To determine the best loan options for your needs, we conduct a detailed analysis of your future goals and aspirations. We perform thorough number-crunching to assess your borrowing capacity and deposit requirements. From the initial discussion through to unlocking your new front door, we offer full service every step of the way.
Tools and Resources
Deciding when to move on from your current home is both exciting and important. While it’s natural to spend time researching the perfect property, it’s equally crucial to understand the best way to fund your purchase. Our expertise ensures you get answers to all your questions, from keeping your existing property as an investment to releasing equity for a deposit.
Use our tools and resources to get a clearer picture of your financial standing:
Borrowing Power Calculator: Get an idea of your borrowing capacity and likely repayments.
Property Selling Cost Calculator: Estimate the costs associated with selling your property.
Stamp Duty Calculator: Calculate the stamp duty for your new purchase.
Property Buying Cost Calculator: Estimate the expenses related to buying a new home.
Over the years, lenders have changed how they assess borrowers' income and expenses. What you can borrow now may be vastly different from when you first purchased your home. Before making offers or bidding at auctions, we strongly recommend consulting with a trusted Mortgage Broker. They will conduct a thorough financial assessment and discuss your current lending situation. If you would like a better idea of your borrowing power and likely repayments, try our calculators or get in touch with us today. We're here to help you find the perfect financing solution for your new home, so you can focus on finding the right home for you and your family!
Why choose My Finance Consultants?
We do all of the legwork
We compare hundreds of home loan options from a wide choice of lenders, including the big banks and specialist lenders. We handle every step, having a thorough process in place to qualify you with our lender panel to find the most suitable lending options for you. We organise all of the required paperwork, order lender valuations, liaise with your real estate agent and conveyancer for a smooth transition to settlement.
We provide a convenient service
Mortgage Brokers save you the time and hassle involved in applying for a home loan - from application through to settlement. We'll meet at a time and place that best suits you, to establish your needs and preferences. We then do all the research and running around to manage every step of the application process. This saves you shopping around - as we do it all on your behalf.
We provide professional advice
We are fully trained, and accredited with every lender we represent. We are full members of the Mortgage & Finance Association of Australia and we have many years of industry experience. We also have a number of consumer protection initiatives in place to protect you - our valued clients. As mortgage professionals, we seek to guide you through the lending process to help you make better financial decisions.
We help you select the right home loan
Our first priority is helping you select the home loan that’s right for you, now and into the future. Your Mortgage Broker will save you the time and hassle associated with shopping around for a home loan, they will also guide you through the home lending process to help you make better choices with your personal finances.
We will always try to save you money
We use comprehensive software which helps us pinpoint the most suitable and competitive home loan for you. Typically, our service can help cut the current interest rate you are paying as well as reduce your fees and monthly repayments. Using a Mortgage Broker is also a great way to figure out a strategy to maximise your borrowing power.
We don’t charge you a fee for our service
There is no charge to you for our services because the lender pays us a commission once your loan has settled. We do charge a commitment fee for home loan pre-approval applications, however we will refund this to you upon settlement of your home loan. We will always aim to provide a trusted, friendly and professional mortgage broking service.
Our clients have been saying some great things about us!
Whatever your goals, a competitive home loan will get you there faster!
Whether you're a first home buyer, upgrading to your next home, getting into property investment, or wanting to refinance and pay off your existing home loan sooner, we can help you make the right decisions and stay on top - whatever your home loan needs.
We'll compare more than 40 leading banks and lenders, as well as hundreds of home loan options to find one that's right for you. No matter what kind of mortgage you're interested in, you'll enjoy expert home buying and lending advice from a Mortgage Broker you can trust.
Our industry knowledge and sophisticated mortgage software allows us to assess and compare the hundreds of home loans that are available in the marketplace, we will calculate your borrowing capacity and identify which lenders you will qualify with.
If you're ready to start your home loan journey, give our friendly team a call on 1300 381 955 or visit the Book Appointment section on our website.
FAQs
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Upsizing your home can be an exciting process. The key considerations, such as available deposit and borrowing capacity to determine your property budget, remain the same. However, there are additional factors to consider:
- The available equity in your current home and whether you need to use it
- Deciding whether to keep or sell your current home
- Timing the sale of your current home with the purchase of your new home
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You may need to sell your current home if:
- You need the equity to help pay for your new home.
- The loan on your current home takes up too much of your borrowing capacity.
Even if you can afford to keep your current home, you may want to sell if it would make a poor investment property and you can use the equity to make a higher return elsewhere.
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Yes, you can turn your current home into an investment property if:
- You already have the deposit for your next home.
- You have the borrowing capacity to maintain both the old and new loans.
- You are comfortable with the total repayments each month.
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Yes, if you can demonstrate the borrowing capacity and are comfortable with the repayments, you can apply for a “cash out” to use as your deposit for your next home.
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This will depend on your specific scenario. We will assess your income relative to the new debt you will take on and advise you of your borrowing capacity during our assessment process.
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If you need to buy your new home and sell your current home simultaneously, consider the following options:
- Bridging Loan: This temporary loan helps you buy your new home while waiting for your current home to sell.
- Sell First: Sell your current home first and settle it prior to or simultaneously with your new home purchase.
We will help you evaluate the costs and benefits of each approach as we assess your scenario.
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A bridging loan is a temporary loan for a 6-12 month period that allows you to settle on the purchase of your new home while you wait for your old home to sell. The bridging loan is closed from the proceeds of the sale of your current home, leaving you with a residual loan or “end debt” which you then repay. See our Bridging Loans page for more details.
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A prior or simultaneous settlement occurs when you sell and settle your current home first, so the proceeds can be used to pay for and reduce the loan amount required for your new home.
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Banks prefer a prior or simultaneous settlement as it involves less risk. A prior settlement is preferred over a simultaneous settlement since aligning both settlement dates can be challenging. However, a bridging loan may be necessary if you find a property you like but have not yet put your current home on the market.
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Generally, there is no capital gains tax on a home that has always been your principal place of residence. However, you should seek advice from your accountant to consider your unique circumstances.
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This depends on whether renovating your home suits your goals and needs. Renovating can save on real estate agent commissions and stamp duty. If you need to borrow for renovations, structural renovations will require a construction loan.
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Consider the following costs when buying a new home:
- Your Deposit
- Stamp Duty
- Legal and conveyancing costs
- Mortgage discharge costs
- Moving costs
- Refurnishing and maintenance costs
If selling your home simultaneously, also consider:- Repair & renovation costs
- Real Estate Agent Fees
- Property styling and marketing costs
- Legal and conveyancing costs
- Bridging loan costs (if applicable)
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Yes, we strongly recommend hiring an experienced lawyer or conveyancer to manage all the legal aspects of buying and selling your home.
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Yes, we strongly recommend seeking pre-approval before making an offer on your new home. This allows you to negotiate with confidence and ensures the bank will approve a bridging loan if needed. A pre-approval lasts for 6 months, after which you must resubmit your loan application. At the 3-month mark, you will need to update the bank with new pay slips and confirm no changes to your financial position.