Looking for your next home?
Step Into Your Next Chapter with Confidence
Whether you’re looking for a bigger home, a more convenient location, or a larger backyard, upgrading your living space can be an exciting prospect. Maybe you’re an empty nester ready to downsize, or you’ve been dreaming of that sea or tree change. But before you start your property search, it’s important to do your research and prepare.
Buying your second home can be quite different from your first. With two properties involved, you’ll need to manage both the buying and selling processes. If you decide to buy before selling, the financing side of things can be more complex.
Expert Guidance Every Step of the Way
At One Finance Co., we’re here to support you through every stage of the journey. Whether you need to buy before you sell, sell before you buy, align settlement dates, or simply need more information before moving forward, our experienced team is here to provide the guidance you need.
Home Loan Solutions Tailored to You
Everyone’s financial situation is different, and your home loan should be no exception. At One Finance Co., we work closely with you to understand your goals and provide the best loan structure and lender to help you achieve them.
You’re entitled to a home loan that meets your needs. Don’t settle for one that doesn’t fit your situation. With access to a range of options, we’ll ensure you get the deal that suits you perfectly.
Navigating Your Next Move with the Right Support
Found your new home but haven’t sold your current one yet? A bridging loan might be the solution. This short-term loan, usually up to 12 months, is repaid when your existing property is sold. The loan amount is determined by the equity available in your current home.
Found your new home, but haven’t sold your old one yet? You could consider a bridging loan. This is a short term loan (usually up to 12 months) that is closed when your existing property is sold. The size of the bridging loan is calculated on the available equity in your current home.
Getting onto it with these tools and guides
Closed Bridging Loans
Used if you already have a Contract of Sale on your current property and know the date when your home will be sold and the funds received. You’ll pay down the loan plus any accrued interest and fees on this date.
Open Bridging Loans
This is used if your current home hasn’t been sold yet. An open bridging loan can be arranged for up to 12 months.
Frequently asked questions
Should I buy or sell my home first in Australia?
One of the biggest decisions when buying your next home is whether to buy or sell first. Buying before selling offers the security of having a place to move into, but can put financial pressure on you if your current home doesn’t sell quickly. Selling first gives you a clear idea of your budget but might leave you needing temporary accommodation. Weighing these options carefully is essential to make an informed decision.
What is a bridging loan and do I need one when buying my next home?
A bridging loan can be a helpful solution if you’re buying a new home before selling your current one. This short-term loan, typically for up to 12 months, helps you manage the financial gap between purchasing a new property and selling your old one. If you’re in a situation where you need to settle on a new home before your current one is sold, a bridging loan might be the right option.
How much deposit do I need to buy my next home in Australia?
The typical deposit for buying a home in Australia is 20% of the property’s purchase price. However, if you can’t manage a 20% deposit, you might still be able to secure a loan with a smaller deposit, such as 5%, though this could require paying Lenders Mortgage Insurance (LMI). Understanding how much deposit you need for your next home is crucial for planning your budget.
How can I use the equity in my current home to buy my next property?
If you have built up equity in your current home, you may be able to use it as part of the deposit for your next property. Your lender will assess the available equity based on your home’s current market value and the remaining mortgage balance. Using equity can help reduce the upfront costs of purchasing your next home and make the transition smoother.
What are the hidden costs when buying a home in Australia?
When buying your next home, it’s essential to budget for more than just the purchase price. Additional costs can include stamp duty, legal fees, building and pest inspections, insurance, and potentially Lenders Mortgage Insurance (LMI). These costs can add up, so it’s important to factor them into your financial plan to avoid any surprises down the track.
Home Guarantee (FHBG), which allows eligible buyers to purchase a home with a 5% deposit without paying LMI.