What Everybody Ought To Know About Buying Your Next Home

Whether you are relocating, upgrading to a larger home or downsizing your empty nest, chances are your home loan needs are also changing. Whatever the reason, choosing a mortgage to go with your new home has never been so important.

Change

Moving home is a great time to revaluate your home loan needs because individual circumstances and finances can change over time. The same can be said for the fast-paced mortgage industry where new products, offers and regulations surface on a sometimes daily basis. 

“The recent abolishment of home loan exit fees, for example, has changed the lending landscape dramatically,” said McLean, General Manager of moneyQuest.

The banks think that by getting rid of exit fees, it makes it simple for everyone. But financial decisions aren’t simple, added McLean. 

Given all the changes that occur in the home loan space, McLean recommends that most people undertake a home loan health check on a regular basis.

Home Loan Health Check

If you can answer “yes” to any of the below points, then it’s a great time to contact your bank manager or broker for a home loan health check:

• Are you moving home?
• Has your household income increased or decreased?
• Are you planning any renovation or extensions?
• Could you purchase an investment property?
• Are you dissatisfied with your current lender?
• Just curious to see if there is a better deal?
• Want to pay off your mortgage sooner?

Moving On

Making a move on the property ladder can be daunting. Just because you have bought real estate in the past, does not guarantee a smooth ride for the next purchase.

While some first time home buyers are prepared to compromise on space or location just to get a foot on the property ladder, “next time” home buyers are looking for something different. 

Most second time home buyers are looking for the real estate trifecta: great location, competitive price and the perfect property.  A mortgage broker is looking for a different but still critical combination: the right home loan balanced with a competitive interest rate and flexible features that will satisfy the client’s individual needs and circumstances.

Not a First Time Home Buyer

Buying your next home is different to being a first home buyer. There are different needs and expectations associated with being a second, third or fourth time home buyer.

To request an appointment with a mortgage expert that understands these needs, or to read more information about buying your next home, please visit www.ratesonline.com.au web site.