You've been through it all before and you think you are an old hand at purchasing a property. You now have the equity required and you are ready to upgrade your home. So, why go through Loanscope Mortgage Brokers? Well, we keep on top of the latest deals, so that we can find you a competitive home loan that works for you now and in the long run. We help you complete all of the paperwork, which as you know can be tedious. And we answer all of those tricky questions about using your equity, negative gearing and offset accounts so that you come out on top.
When you are buying your next home, Loanscope can help by laying out all of the options in front of you. We compare more than 600 home loans from over 30 different lenders. Loanscope takes the burden away from you by liaising with solicitors, conveyancers, real estate agents and lenders on your behalf.
What to do with your current home
The first decision you will need to make is whether to turn your current home into an investment and rent it out or to sell the property. Loanscope can go through the pros and cons of each option with you. It might be possible to upgrade your home without selling your current one. What will it cost me to sell? try our selling cost calculator!
Equity versus savings for home upgrade
Equity = the current market value of the property less what you owe.
Suppose the market value of your property has increased substantially or you've been making extra home loan repayments. In that case, you may have accumulated a nice amount of equity to use as a deposit for your next home. Loanscope can advise you on how to use your equity wisely.
Alternatively, you may like to buy your next home using a saved cash deposit. Remember, do you usually need lenders if you borrow more than 80% of the property value? Mortgage Insurance. Loanscope can arrange Deposit Guarantees for next-home buyers whose funds are tied up in investments or property on the market.
Considering the costs
The times are changing, especially when it comes to securing finance. The fees associated with buying and selling may be different from when you last bought a property, which is why it's so important to seek the advice of a mortgage specialist like Loanscope. We help you to remain informed, in control and confident of your home loan decisions. Try our buying cost calculator.
How much can you borrow to upgrade your home?
Once we have worked out your equity and costs, Loanscope can explain how much you can borrow and what the repayments would be. Usually, it's best not to sign up for repayments of more than 30% of your income after tax. If you are a doctor or medico, we can help you with loans specific to your industry.
Please see our online calculators for a rough estimate of how much you can borrow or get in touch to discuss your needs.
If you want more information, contact us below or check the Money Smart website and its calculators.
What about bridging loans?
Check our blog here