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Buying Another Property

If you are looking to sell your existing home and buy another, as well as changing your lender, we will assist you with the switch over. If you are unhappy with your existing lender or if you are simply looking for a better deal we have a number of home loan products that may save you money in terms of interest rates and fees. If you are looking to consolidate a few debts or access some of the equity in your home we can assist you by helping you to refinance your existing debt.

How can we assist?

We can help you with the changeover by contacting your existing lender to arrange a payout figure and preparation of a discharge of your existing mortgage. We will require your written consent to do this, as well as signing any documents required by your existing lender.

We will need you to provide the last six months statements from your existing lender as proof of your existing debt and demonstration of your repayment ability. Don't worry if you have had a few minor defaults in the past, we may still have a home loan product to assist you.

We will require a valuation of the proposed security property and the cost of this is covered in the valuation fee. An additional valuation fee will be required if the property value exceeds $500,000 or if more than one valuation is required.

If you are buying and selling at the same time and are able to arrange a simultaneous settlement i.e., you are able to settle the sale of your existing property at the same time as the purchase of your new property, we will assist you to co-ordinate the settlement process.

If you have to settle the purchase of the new property before settling the sale of your existing property, you may need a loan to cover both properties. In this case, we may be able to assist you to obtain a bridging loan, subject to you being able to meet equity requirements and have sufficient income to meet the interim repayments.

Miscellaneous Costs

You might have to pay early discharge fees or exit penalties to your existing lender. The level of fees may depend on the amount of your loan and the length of time you have had your existing loan. In the overall scheme of things, these extra costs may be more than covered in the longer term by a more favourable interest rate and/or reduced fees we are able to offer.

When calculating the amount of money you need to complete the purchase of the new home there are a number of costs you will need to allow for:

• Loan application and valuation fees
• Government Fees - including stamp duty on transfer and on the mortgage
• Legal Fees - including conveyancing and property search fees
• Property related costs - including council and water rates and in the case of a unit purchase you will have strata fees
• You may also have to allow for other costs such as building and pest inspections

Mortgage Stamp Duty

You will be required to pay mortgage stamp duty on the amount of the new loan. We will assist you to determine the amount. In NSW there is no mortgage stamp duty on owner-occupied homes.

Accrued Interest

When you obtain a payout from your existing lender it will include all their costs to clear the existing loan, including accrued interest to the date of settlement. You will need to allow for the total amount when determining the amount of money you need to borrow.

Lenders Mortgage Insurance (LMI)

The LMI fee applies only when you borrow more than 80% of the property's value (on a fully documentation loan), this covers the lender if for some reason you cannot repay your loan and the property is sold for less than the amount of the loan. We will add the cost of LMI to the loan.

Building Insurance

Prior to settlement of your loan you will need to provide evidence that your new property is suitably insured. In the case of a unit this will usually be insurance taken out by the Owners Corporation.

What to do now

1. If you are ready to proceed, check out the home loan products and select one that best suits you.
2. Work out the amount you need to borrow and use our calculator to work out your repayments. You may need to contact your existing lender to determine the full amount required to refinance your debt, including any penalties you may have to pay.
3. Apply for your loan online or ring us and talk to one of our home loan Consultants to see if you qualify for a loan.

What you will need when we call you.

When you apply, make sure you have the following items (we may ask for a few other things depending on your individual circumstances):

• current six-month loan statements from your existing lender (if a loan is to be refinanced).
• details of your current employment income information
• details about your assets - their value and any income you get
• details about your ongoing expenses and regular payments
• information about the type of loan (our home loan consultants will help you if you are not sure)
• the amount you want to borrow.
• copies of your identification e.g. driver licence

Online Application - with our secure form it takes only 5 minutes to get an obligation free pre-approval.