Next Home Loans

The steps to getting a next home loan

Our team of advisers are specialists in helping Sunshine Coast homeowners to move to a new property, and we can support you to gain a bridging loan or other forms of financing to make your move as hassle free as possible. 

1. Get the ball rolling

It is quick and easy to start the process of obtaining a next home loan. Simply meet with our team of specialist mortgage advisers to discuss your goals, your finances and your moving plans. We will then work with you to devise appropriate financial solutions based on your specific needs.

2. Finding the right loans and lenders

As specialist mortgage advisers, we have access to the home loan products of more than sixty banks and financial institutions. Once we have established your goals for the short, long and medium term, we will then match you with a loan that will best facilitate and support your move.

3. Pre-approval for your next home loan

Once you’ve chosen the loan that is best going to suit your needs, we will work with the lender to ensure that all paperwork is completed, signed and lodged correctly, so that everything is in place to obtain pre-approval for your loan.

4. Moving your loan

Moving home can be a challenge, but our Sunshine Coast mortgage advisers will work with you to make it as easy to move your loan as possible, whether you’re refinancing or taking out a new loan, and work closely with lenders at every stage of the process

5. Taking care of settlement

As the settlement date approaches, we’ll coordinate each stage of the process on your behalf. This can include overseeing paying off your existing loan with the funds from the sale of your home, as well as accessing funds for the purchase of your new property. We will also work with your solicitor or conveyancer to undertake any change of lender name required on official documentation.

6. Making the move easy

Our long standing experience as mortgage advisors means that we understand what is required when you move. We can also connect you with all the people and services you need to make moving to a new home as stress-free as possible. 

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A wide variety of home loan types

When it comes to next home loans, there are a number of different options available from Australian banks and other lenders. Below is a list of the most popular types of home loan that we regularly arrange for our clients. If you have any questions, please don’t hesitate to ask. 

Variable rate loan

When you take out a variable rate loan, it means that the interest charged on the loan will vary, usually in concert with the rates set by the Reserve Bank. Essentially, this means your monthly repayments can change throughout the life of the loan, and you can be required to pay either more or less each month, in line with the current interest rate.

Fixed rate loan

When you have a fixed rate loan, the rate of interest you are charged remains constant regardless of what happens to Reserve Bank rates. This gives you certainty, as you know the size of your repayments each month for the duration of the fixed rate period. It is generally the case that you can’t make additional or over payments on a fixed rate home loan, so if you think you might be in a position to make extra payments, a split loan might be more suitable. 

Split loan

A split loan is one where the loan has both fixed rate and variable rate elements. You enjoy the relative benefits of each of these features, including the ability to make extra payments when your financial circumstances allow it. 

Packaged loan

With a packaged loan, you get access to a range of financial products from a lender in addition to a home loan. This can come with benefits such as reduced interest rates or lower fees, or the provider might offer other benefits. Most packaged loans will come with an annual fee.

Bridging loan

Bridging loans are designed specifically to make it easier for property owner-occupiers to purchase a new property and move house. A bridging loan is essentially a temporary loan that helps you cover the costs of purchasing a new property before you sell your existing one. Once the former property is sold, our mortgage advisers will then assist you to move a regular fixed rate or variable rate home loan.

Line of credit loan

A line of credit home loan operates in a way similar to a bank account, and enables you to access the equity that you have built up in your home. You can draw against the balance of the loan and use these funds for renovations or home improvements as well as other expenditure for which you might otherwise have to take out a loan (e.g., for a holiday, a new car, etc.). This saves you money, as the interest rate will usually be lower than a personal loan or a credit card. 

Interest only loans

If you refinance with an interest only loan, during the initial period of the loan you are only repaying interest, rather than the principal. For the duration of the pre-determined interest-free period, this means that your monthly repayments will be lower. Ultimately, however, with an interest-free loan you may end up paying back more than with a variable rate or fixed rate loan. 

Construction loan

A construction home loan is designed to help you meet the costs of building a new property, and so is set up differently to other types of loan. Instead of a lump sum, you receive funds as required during the building process, meaning you only pay interest on the amounts that have been advanced to you. 

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Loan Calculators

In order to give you a clearer idea about how much you might be able to borrow with a next home loan, as well as the amount of stamp duty your will be required to pay, use our calculators below. 

How much money can I borrow?

Knowing how much money you are likely to be able to borrow means that you can refine your house search so that you are looking for properties within your price range, saving you time and inconvenience.

How much Stamp Duty will I have to pay?

The amount of stamp duty will depend on where you live and the value of the property. Use our calculator to determine the rate you will be required to pay. 

Split loan calculator

With a split loan, you have both a variable rate and a fixed rate component. Use our calculator to get an indication as to the repayments required for each different part of a next home loan. 

FAQs for next home loans.

Do I need a new mortgage when I move house?

There are usually two options open to you with regard to your mortgage when moving house. You can refinance with the same lender (or a new one), or alternatively pay off your first mortgage with the proceeds of the sale of your old home, and then take out an entirely new home loan to fund the purchase of the new property. We can advise you as to which of these two approaches would work best for you.

What is a bridging loan?

A bridging loan is designed to provide you with finance to buy a new property before the sale of your old home has been completed, so that you are not paying two mortgages at the same time. When the sale of your old property is completed, your bridging loan is then converted to a fixed rate or variable rate home loan.

Should I choose a fixed rate or a variable rate home loan?

The choice will depend on your financial circumstances and property goals, as well as the potential volatility in interest rates. Talk to our specialist mortgage advisors as to which sort of mortgage is best going to help you move into your next home.