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Purchasing a new home can be a complex and time-intensive process that demands research, due diligence and patience. There is a lot to think about when it comes to sorting out a mortgage for your new home, but we want you to feel excited rather than stressed about starting this next chapter so we have tried to make things a little easier with this helpful guide.
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You have a few different options when you decide to move to a new home. You can either transfer your existing mortgage to your new property if your mortgage is portable. If this is not possible then you will need to get a new mortgage, but this has potential to work to your advantage.
It is important to talk to your lender and ask them for their advice as to which is the best way of transferring your mortgage.
Portability is a feature of a mortgage which allows you to keep your home loan when you move. If your loan has a portability feature you can keep the same loan you have and transfer it to your new property. This means you can maintain a relationship with your lender and could save by not having to pay establishment or application fees for a new mortgage. When you transfer a loan from your old home to your new home you may have to pay small fee for the transfer. If you’re thinking of using the portability feature, carefully consider the costs involved, it might be worth looking into remortgaging.
Mortgage deals for those considering moving property are becoming increasingly more competitive so moving house is a good opportunity to look for better mortgage deals in the market and remortgage. If you want to find out more about remortgaging visit our remortgage guide.
If your current mortgage is portable and you like the interest rates or you simply don’t want to go through the hassle of taking out a new mortgage, you have the option of transferring your mortgage to your new home. However, it is worth considering the following before choosing this option:
If you’re unable to transfer, or ‘port’, your current mortgage deal or you would rather take advantage of lower rates in the market you can opt to apply for a new mortgage.
However, it is worth considering the following before choosing this option:
Once you have a grasp on the amount you can afford to borrow, and different home loan features, you need to compare mortgages. Doing some comparative research and finding a competitive home loan could end up saving you thousands of dollars over the lifetime of your loan. Here is how you can compare different home loans on the market.
Think about your current financial and lifestyle objectives and decide what kind of home loan will allow you to achieve these goals. For instance, if you’re a first home buyer you may want to find a basic “no frills” home loan with a competitive interest rate, no application fees and minimal ongoing fees. On the other hand, if you’re a young family and you’re planning to move house in the near future, then you may want to apply for a fixed rate home loan (for security) with a portability feature.
After identifying the home loan type (and features) that you’re looking for, you need to do some groundwork and compare different home loan products. Use our home loan comparison tables to compare the major features of home loans, including the interest and comparison rate, the LVR, and any major fees associated with the loan such as application fee and ongoing fees.
If you are looking to improve your credit rating to secure a better mortgage deal you might want to consider the following:
Most mortgage applications can be completed online or by visiting a lender at your closest branch. When completing your application you will generally need to supply certain information to the lender, such as:
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