Buying Your Next Home
Whether you’re upsizing, downsizing or buying your next home, getting the right home loan starts with understanding what you can comfortably afford.
At Wealth Connect Finance, we’ll help you understand your borrowing capacity, how much you’ll need to contribute and what your repayments could look like — before you make the big decisions.
As your mortgage broker, we’ll compare suitable home loan options from our panel of lenders and explain the differences in plain English, including interest rates, fees, loan features and structure.
Once you’ve found the right property, we’ll help manage your finance from home loan pre-approval and application through to settlement.
We can help you with:
- Understanding your borrowing power
- Working out your deposit and purchasing costs
- Home loan pre-approval
- Comparing suitable lenders and loan options
- Fixed, variable and split home loans
- Offset accounts and redraw facilities
- Structuring your home loan
- Managing your application through to settlement
You don’t need to know which home loan you want before you call us. That’s what we’re here to help you work out.
Know Your Numbers Before You Make Your Move
Buying your next home can involve more moving parts than your first purchase — particularly if you’re selling an existing property at the same time.
Before you start seriously looking, we can help you understand how the numbers may come together, including your borrowing capacity, available equity, expected sale proceeds and the costs involved in purchasing your next property.
Depending on your situation, we can also work through whether you may need to sell your current home before buying, or whether other finance options may be available.
We can help you understand:
Your Borrowing Power
How much you may be able to borrow
Purchase Costs
Stamp duty and other costs to allow for
Your Available Equity
How much equity you may have in your current home
Your New Repayments
What repayments on your next home could look like
Your Sale Proceeds
What you may have left after selling your current home
Buying & Selling
How buying and selling at same time may affect your finance
The aim is to give you a clearer picture of what you can comfortably afford before you start making offers.
Frequently Asked Questions
Do I need to sell my current home before buying another?
Not necessarily. Whether you need to sell first will depend on your borrowing capacity, the equity in your current property and your overall financial position. We can work through the numbers with you and explain the finance options that may be available before you decide which way to proceed.
Can I use the equity in my current home to buy my next property?
Potentially. If your property has increased in value or you’ve paid down your home loan, you may have equity that could be used towards the deposit and purchasing costs for your next home. How much you can access will depend on the property value, your existing loan and the lender’s requirements.
How much can I borrow for my next home?
Your borrowing capacity will depend on factors including your income, existing debts, living expenses, current home loan and the lender’s assessment criteria. If you’re selling your existing home, we’ll also look at the likely sale proceeds and how much of your current mortgage will be repaid.
Can I get home loan pre-approval before I sell my current property?
In some circumstances, yes. A lender may be able to provide pre-approval based on the assumption that your existing property will be sold and its loan repaid. We’ll help you understand any conditions attached to the pre-approval so you know where you stand before making an offer.
What happens if I buy my next home before my current home sells?
There may be finance options available depending on your circumstances, including bridging finance in some situations. These arrangements can involve additional costs and lending requirements, so it’s important to understand how the repayments, timing and risks could affect you before committing to a purchase.