MOVING TO BIGGER & BETTER
Moving to a Bigger & Better Home
Ok, so you've done this before so you know what you're doing – but getting a home loan still isn’t an everyday thing – it is for Holly Rogers Mortgages so leave it up to your Mortgage Adviser to sort the home loan, while you get on and find the next best Home!
When buying and selling there can be other costs relating to the property sale and your home loan. Selling a property means the actual Mortgage document has to be released from the Bank so that Certificate of Title can be registered under the new owners name – this is called a Discharge.
If your home loan is on a fixed interest rate, there could be a break fee if you want to repay – however there is another option – it is called a Portable Loan – this is where you can pick up your existing home loan and secure it against the new property you have purchased.
The new property would need to have sufficient security value to enable this to happen and must meet all of the Banks requirements – however it can save you money!
Let's have a chat to see if this is right for your next big move!