Next Home Buyers
As a home buyer who has been through the process before, you no doubt have experiences that will guide your expectations for your next purchase.
As part of our service, we will help you understand any changes since you last financed a home, as well as working with you to meet any specific deadlines and/or loan features (such as redraw facilities/offset accounts etc) that you may be wanting.
We deal with lots of “Next Home Buyers,” many of whom are coming back to us for a second, third or fourth time and would love to offer you the same service they have come to love from us!
What Do You Mean Exactly By A "Next Home Buyer?"
To put it simply, a "Next Home Buyer" is anyone who is purchasing a home that isn't their first home.
You could be buying a second family home, a downsizer home (for when the children have left home), a forever home, or anything in between!
So How Does Neptune Finance Help "Next Home Buyers?"
Unlike first homes, there are often more complexities when it comes to buying second homes and beyond.
Some scenarios we regularly deal with and are well equipped to handle include:
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Releasing equity for purchasing an additional property.
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Offset loan and split loan set ups.
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Bridging loans (to assist while selling a property).
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Loans for borrowers where lenders require an exit strategy.
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Working towards tight loan approval and settlement timeframes.
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Cross collaterised home loans.
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Redraw facilities.
EXPLORING "NEXT HOMES"
Some Scenarios We Can Assist With
Subject To Sale Arrangements
Buying a new property is an exciting time, but sometimes it can come with other unwanted stresses – like how are you going to manage the sale of your old home?
We can help you with gaining a pre-approval for your new home purchase prior to you selling your existing one. Then, in an ideal world you can purchase a new property “Subject to Sale” of your old home.
We can discuss what’s involved with this process and any risks you need to be aware of before looking to go down this avenue.
Purchase and Retain Exisiting Property
Buying a new property can often be a way that homeowners take their first steps into property investment. When purchasing a new property, you could potentially look to keep your old home, and instead converting it to a rental property.
We can still look to release equity from your existing home to cover the deposit for your new property, and can also help determine how rental income will affect your borrowing power and how that will factor in against your new home loan repayments too.
Bridging Loans
What if you can’t sell your property at the same time as buying the new one? Or the real estate agent won’t entertain a “Subject to Sale” offer?
Then maybe a bridging loan is for you!?!
A bridging loan requires a decent amount of equity in your existing home but is a way of being able to purchase a new property before selling your old home. You often get 6 months to complete the sale of your home, but some lenders will allow bridging loans for up to 2 years if you are constructing a property.
We can help you understand the complexities of a bridging loan, the relevant fees and charges and any other important details you need to be aware of as part of our initial Finance Meeting with you.
Borrowing Additional Funds To Renovate
Sometimes purchasing a new property could mean you have a little bit of work to do…
If it’s something simple like a coat of paint it’s often not too expensive, however if your new property needs a complete overhaul or significant renovations its natural to wonder where the funds for this are going to come from.
Through a number of our lenders (and subject to LVR limits), we can look to help you borrow additional funds that are secured against your property. These funds can then be used towards renovations to help bring your new purchase to a much higher standard and make your new house truly feel like a home!