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Expert advice to help navigate the options
As a next home buyer, there’s bound to be a few important decisions you need to make before you purchase your next property. Do you need to sell before you buy? Perhaps you’re considering keeping your current home as an investment property, or, maybe you’d like to unlock equity from your existing home to purchase a new home? Once you book your free consultation with My Property & Finance, we’ll take the time to assess your situation and navigate all of the options available to you.
Gain peace of mind with a pre-approval
When you plan to buy property, the power to negotiate or bid with certainty is key. This is where securing a home loan pre-approval comes in handy because it gives you a clear picture of your borrowing power. Online calculators are great, but it’s important to remember that they only provide a ball-park estimate, so the best way to find out how much you can borrow is to obtain a pre-approval before you start searching for a home.
Not only will a pre-approval give you greater peace of mind, it’ll also give you the ability to make a strong offer on the spot. Vendors only like to deal with buyers who are serious and ready to act. If you have a pre-approval for your loan, your offer will be much more attractive to the vendor than an offer from a prospective buyer who hasn’t. To stay ahead of the competition, call My Property & Finance and arrange your free pre-approval today.
Take your next step with confidence
Just because you’ve been there before, doesn’t necessarily make it easier the next time around. Whether you’re upsizing, downsizing or just looking for a change of scenery, we’ll give you the knowledge, tools, advice and support you need to take your next step on the property ladder with confidence. With access to 35+ leading lenders and hundreds of loan products, the lending specialists at My Property & Finance will leave no stone un-turned to make sure you get from “here” to “there” sooner!
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How we can help you!
Provide expert advice and guidance
We’ll discuss your current financial position, requirements and objectives, then we’ll develop a strategy to help you get you into your next home sooner. No matter what stage of the process you’re at, this free consultation is a great way to get started on your next home buyer’s journey!
Calculate how much you can borrow
After we’ve collected some paperwork and personal details from you, we’ll calculate your borrowing capacity based on your income, expenses, credit history, current savings, deposit and available equity.
Explain all the costs
We’ll explain all the upfront costs, allowing for any application fees, stamp duty, conveyancing, building inspection costs and Lenders Mortgage Insurance (LMI) if you’re borrowing more than 80% of the property value.
Compare lenders and recommend a better loan
With access to hundreds of loan products available across 35+ leading banks and lenders, we’ll compare the most competitive finance options and match you with the loan that best suits your needs.
Organise your loan pre-approval
Before you start house-hunting, our mortgage specialists can organise a pre-approval for you, so you know how much you can afford to spend on your next home.
Manage the paperwork, negotiations & details
Our friendly mortgage specialists will manage all the paperwork, negotiate and liaise with the lender on your behalf. We’ll also deal with any on-going communication with your conveyancer, real-estate agent and accountant until your loan is approved and settled.
Help you free of charge*
Sometimes the best things in life really are free! At My Property & Finance, we provide a wealth of experience and specialised knowledge – all complimentary to you. We don’t charge a fee for our service because we’re paid by the lender upon the settlement of your loan.
Find a better loan for your Next Home!
Call My Property & Finance on 1300 672 633, or submit your details and one of our Mortgage Specialists will contact you within 24 hours (Mon - Fri) to chat about your finance options.
Like to stay well-informed?
Next Home Buyer FAQ's
There are pros and cons regarding whether to buy or sell first. If you decide to buy first, you may need bridging finance in order to purchase your next property – if you don’t have the equity or buying capacity to do both.
If you’re considering turning your existing home into a investment property, then the amount you can borrow will depend on:
- Your ability to service the current loan plus the new loan.
- The bank valuation on both properties, compared to your total loan amount.
- The available equity in your current property.
- The expected rental income from the property.
There are income tax implications that need to be considered before you take the leap and make your home your investment property, which is why we always recommend you obtain advice specific to your situation from your accountant before making any investment or decision.
Stamp duty is a state government tax based on a property’s selling price. The amount of stamp duty payable can differ from each state or territory. Some factors that will determine how much stamp duty is payable are: where the property you are purchasing is located, as well as the property purchase price and the property type. You can use our stamp duty calculator to get an idea of what you will need to pay, or contact My Property & Finance for more details.
A pre-approval allows you to determine how much you can borrow when you decide to take out a home loan. Pre-approval is usually subject to you meeting the required terms and conditions of the lender, for example, being able to provide the documentation required and proving you have the deposit.
To apply for a pre-approval, you’ll need to supply basic facts about your finances such as your annual salary, other sources of income, current monthly living expenses, and other financial responsibilities like your credit card limit.
Your lender will also need information about your borrowing details such as how much you’re willing to spend on a property, how much you think you’ll need to borrow, as well as the loan purpose (i.e., if you’re intending on buying a house or building a house, etc).
It is important to know though that a pre-approval is not a guaranteed loan approval! It is a strong indicator of whether you would get the loan. A guaranteed loan approval requires further detail to be submitted, such as full credit check, etc.
A pre-approval is not a guarantee that the loan will be approved. You can still be declined a loan after receiving a pre-approval if you don’t meet the lender’s criteria, which can happen if your personal and financial situation changes, or if the lender finds the property you wish to purchase unacceptable as security. Some of the main reasons for being denied a loan include, but are not restricted to:
- Having a bad credit history – This might result from late payments of phone or utility bills, missed credit card repayment, etc, which can all affect your credit score, and in turn, your mortgage application.
- Having children – the number of dependents you have will affect the amount you can borrow.
- Changing jobs or changes to your income level – A pre-approval is based on your income and employment status at the time of submitting your application, but if this changes it can affect the pre-approval process. Most lenders are okay if you change jobs so long as you stay in the same line of work, however switching your line of work completely or getting a pay cut can lead to complications.
- Accruing more debt – Increasing your credit card and spend up big after applying for a home loan is not going to help you as it will impact the amount you’re able to borrow.
- Interest rate changes – If there’s an interest rate increase, it means the maximum amount you are able to borrow may decrease.
A pre-approval doesn’t include an assessment on whether or not the property is acceptable by the lender, because it hasn’t been found yet. This is why the conditions on the pre-approval state “subject to a satisfactory valuation”.
- Unacceptable properties – Certain properties may not be acceptable to some lenders – including but not restricted to small apartments, hobby farms, certain post codes, etc.
Bridging loans are available to people who are looking to purchase or construct a new home prior to selling their current property, even if the proceeds of the sale of their existing home are required for the new purchase.
Depending on your financial circumstances you may need to sell your existing property before you commit to purchasing a new one. Talk to My Property & Finance first to ascertain if bridging finance is suitable for your current situation before you commit to anything.
Regarding the alternatives to bridging loans, it may be possible to negotiate a longer settlement period on the purchase of your new home, whilst you sell your current home.
Bridging finance usually allows a six month period for your existing property to be sold. When constructing a new property, the limit is generally up to 12 months. If your property has not been sold by that time, new arrangements may need to be put in place. In a number of states, the standard settlement could take around 6 weeks, so this needs to be taken into consideration when calculating the bridging period.
Buying a house is a significant investment, so it only makes sense to ensure that everything is in good shape before making the purchase. One way to make sure the house has no problems is to obtain a building and pest inspection report. This report will provide information about any structural, electrical and plumbing issues with the property, and will also identify whether there are any apparent pest problems such as termites.