NEXT HOME BUYERS
Resources for next home buyers
Buying Your Next Home in Queensland
Have you been thinking about buying your second home in Queensland? If so, congratulations! Buying your first home is exciting, but you’re often limited by a multitude of constraints. But when it comes to buying your next home, you suddenly have a lot more in your favour. As a result, many people find it easier to buy their second home than their first home.
While some people may baulk at the idea of increasing their mortgage or even taking on a second mortgage, it’s important to remember that home loans are not just a debt. They’re also a great financial tool when used to build future wealth and facilitate your preferred lifestyle. With this in mind, you’ll still need to ensure that you can afford to service the level of debt that you’re thinking about taking on. One of the best ways to do this is by talking to an experienced mortgage broker at Coronis Finance. We can help you accurately assess your borrowing potential, explore your finance options and answer any questions you may have about buying your next home, either as a home upgrade or as an investment property.
When it comes to buying a second home, many homeowners plan to refinance their existing home loan to access equity. While refinancing used to be quite unusual, things have changed! Today, not many people keep their original home loan for the life of the loan. And there are many benefits to re-evaluating your refinance options. Refinancing can give you access to a reduced interest rate, allow you to change the features associated with your home loan or access equity for use as a deposit for your second home.
An experienced refinance mortgage broker in Queensland can make this process simple for you. A Coronis Finance broker will help you assess your financial status and negotiate the best refinance deal to suit your needs. With access to more than 40 lenders, we can help you find the right home loan to achieve your goal of buying your next home.
- Save you money on your home loan repayments
- Reduce your interest rate
- Give you access to your equity
- Consolidate your debts
How Can A Mortgage Broker Assist A Next Home Buyer in QLD?
The process for buying your next home is often quite different when compared to buying your first home. What worked for you the first time you bought a house won’t necessarily be the best solution now that you’re ready for round two. By talking to a mortgage broker in Brisbane, you can access a wealth of information, carefully weigh up your options and confidently decide how you want to proceed. You’ll get free, tailored advice that is reliable and up to date. Additionally, partnering with a mortgage broker will give you:
Peace of mind that you’re making the right decision
At Coronis Finance, we’re governed by ‘Best Interests Duty’, a form of legislation designed to look after borrowers. This means that you can rest assured we’re always working in your best interests and that we’ll complete due diligence requirements before we start making suggestions.
Someone in your corner
You can think of us as your biggest advocates when it comes to dealing with a lender. We’ll handle all the paperwork and ensure everything is in order before we submit your application. We’ll even communicate directly with the lender to ensure they understand why they should be approving your application.
Access to a great range of products from a wide pool of lenders
When you work with a broker, you won’t have to worry that you’ve missed out on a better deal somewhere else. We’ll compare the various mortgage products available from a broad range of lenders and identify which home loan is most suitable for you.
Frequently Asked Questions from Next Home Buyers in QLD
If you’ve already started thinking about buying your next home in QLD, then you’ve probably got tons of questions that you’d appreciate answers to. This is why we’ve put together a list of some of the most commonly asked questions we get from next home buyers. And if you don’t see your question below, then feel free to give us a call, and we’ll happily answer as many questions as you’d like!
How much can I borrow when buying my next home?
Just like when you were a first home buyer, the amount of money you can borrow will depend on a range of factors including the size of your deposit, your income and your personal debt levels. For an accurate estimate of how much you can afford to borrow, talk to a Coronis Finance broker, or use our free online calculators for a basic assessment.
How much of a deposit will I need to buy my next home?
When it comes to buying your next home in Queensland, it’s a good idea to have a deposit that is equal to 20% of the total purchase price. So, if you’re planning to buy a property valued at $650,000, then you’d need a deposit of $130,000. This may sound like a lot of money, but you’ll be able to use any equity that has built up in your current home as a form of deposit, rather than having to save up the total amount in cash.
How do I access the equity in my current home so I can buy my next home?
The first step towards accessing your equity is determining how much you actually have. Equity is the difference between what you currently owe on your mortgage and how much the property is currently worth (you may need to have the property valued by a professional in order to gain an accurate assessment). For example, if you owe $250,000 on your mortgage, but your property is valued at $485,000, then you have $235,000 of usable equity. If you want to use the equity in your first home as a deposit for your next home, then talk to a broker about refinancing your home loan to access equity.
Can I buy my next property with a Self-Managed Super Fund (SMSF)?
A growing number of Australians are now opting to use an SMSF to buy a property. An SMSF is a superannuation fund that you manage yourself. These funds can be used to buy an investment property, which will be rented out and then eventually sold when you’re ready to fund your retirement. But there are strict criteria when it comes to buying a property with an SMSF, so it’s worth talking to an expert before you decide to go ahead with this decision. Coronis Finance has in-house Financial Planners that will be happy to assist you with any SMSF enquiries (including initial set-up, ongoing management and investment property purchases).
What should I know about buying an investment property?
If you’re planning for your next home to be an investment property then it’s a good idea to do some thorough research before you decide to go ahead with a purchase. You’ll need to decide on things such as:
- Whether to buy a unit (which will likely be cheaper but will also involve extra costs such as body corporate fees) or a house (which will probably cost more but may generate a higher rental yield).
- Whether to buy in a local suburb (that you’re familiar with and where you may have local contacts) or somewhere that is further away (which may be cheaper but less familiar).
- Whether you’re going to manage the property yourself (which will save on fees but comes with a lot of responsibility) or engage a property manager (who will handle everything for you but will charge a percentage of the rent for their services).
Should I get a bridging loan?
If you’re planning to buy your next home before you sell your current home, then a bridging loan may be a suitable short-term solution. As the name suggests, a bridging loan acts as a “bridge”, covering the cost of your second mortgage while you wait to sell your first home. Most bridging loans offer interest-only repayments, which makes it easier to briefly juggle the cost of two home loans. If you want to know more about bridging loans and whether this will offer the best finance solution for your situation, then talk to a Coronis Finance broker today.
Interested in buying your second home? Book a time to speak with one of our mortgage brokers in Queensland. We’ll get right back to you.
7 Steps To Refinancing Guide
Interest rates are constantly changing and if your wanting to potentially save thousands on your home loan, refinancing is your best option