Ready for a new home?
Upgrading to a second or third home can be just as daunting as buying your first. In addition to house hunting, you may be selling a house as well, which adds a whole new level of uncertainty to the mix. Having your finances organised is key to ensuring your move is both smart and successful.
Rely on us to assess the equity you have built up in your existing home, understand your new home goals. In your current circumstances, we can help you to identify a suitable option to make your move possible as a second home buyer.
We’re just the team you need.
You can rely on us
We will help you every step of the way, with a smart solution for your circumstances.
We’ll do the leg work
We'll do the leg work, use our expertise, and calculate the numbers to identify smart solutions for you – whether it means staying with your existing lender or moving to a new lender
Pre-purchase approval
Organise a pre-purchase approval so you know how much you can borrow and how much you can afford to spend
We’ll organise the paperwork
Paperwork can be a daunting task! We'll take care of application paperwork, saving you time and frustration
How your loan works
We will help understand and educate you about how your new loan works to ensure you maximise the benefits
Smooth loan settlement
We'll coordinate a smooth loan settlement
Educate and guide you
We will share our knowledge, tips and guides to help make house hunting for your next home and moving to that home easier
Have an experienced team on your side
- We’ll ensure your new loan is the right one for your needs
- We’ll save you time, hassle, and money
- We’ll ensure you understand how to manage your loan so that, ultimately, you can pay it off sooner
FAQs
Can’t find the answer to your question?
Contact Us – We’re ready to help.
This answer depends on your personal circumstances. In a perfect world, it is great to have sold your current house first so that you know exactly how much money you have from the sale to contribute towards your new home. And, it would also be great if you can buy your new house and coincide the settlement of both houses so you can move from one house to another. However, everyone’s circumstances are different, and this scenario may not be perfect for some or even possible to create.
There are a few things to consider and we have outlined a detailed list here to help guide you.
A pre-approval means that a lender has agreed, in principle, to lend you money for the purchase of your home. There is additional criteria that needs to be met, but in short that is what a pre-approval is. Pre-approvals are a great idea as they let you know how much you can borrow before you start looking at properties – which it turn, gives you an idea of what type of property you can afford.
This will depend on the value on your current home – and how much equity you have built up that can be put towards the purchase of your next home. It also depends on your borrowing power – how much you are eligible to borrow based on your income, living expenses, the equity you will have to contribute, and the anticipated value of your new property.
Court Financial Services can talk you through possible scenarios for your situation. Repayment amounts vary according to your loan amount and the interest rate. Court Financial Services can show you different repayment scenarios to help you determine the level of repayments you can afford.
As a general guide, you can also use the home loan calculators included on this website:
Bridging finance is a loan to provide you with the funds you need to buy your new house if you haven’t already sold your current property.
For example, if you purchase your new home and the settlement of this house is before you sell and settle your existing house, then you may be short of funds because money from the sale of your existing house is not available. A bridging loan provides funds to cover this shortfall of money.
Most bridging loans are for 12 months only and it’s important to understand that you will need to be able to make the repayments for both your bridging loan and your current loan until the time that the bridging loan is no longer required. You will need to show that you can afford this at the time of applying for the bridging loan.
It can be difficult to qualify for bridging finance because of the pressure involved in servicing two loans at once. Talk to us about whether bridging finance is an option for you given your circumstances and your eligibility.
In a perfect world, you would sell your current house, buy your dream home and coincide settlement dates for both houses to ensure a smooth financial transition and move from one house to another smoothly.
While it is possible to organise and negotiate settlement dates so that this scenario occurs, there are many variables that can get in the way and these variables can be different for everyone.
Court Financial Services have been helping clients move houses for many years. Talk to us about your circumstances and we’ll explain the process to based on your circumstances and scenarios you need to plan for.
