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All you need to know about Relocation Loans
Relocation Loans explained
Moving house is something most Australians will do a number of times in their lives. When they take out a home loan for 30 years, it’s not often they will live in that home for the same amount of time. That is why a relocation home loan can be a great idea. Relocation loans are a smart move for people going places who need regular repayment schedules, zero refinancing costs and the ability to adjust to changing times. Whether you are relocating your house, switching home loans or just moving home, Mortgage House understands that customers want convenience and savings. We can provide plans that are individually tailored and ready for approval, taking some stress away from moving house.
There are a few different relocation home loans to choose from, and Mortgage House can help you find a suitable option for you and your family. Maybe you have found your perfect home for sale and want to buy it before someone else does. In today’s market the competition can be fierce. Or maybe you’re interested in the relocation feature of your home loan and want to take your current home loan with you when you move. You may also need extra money while you are waiting to relocate. Your current home and your new one may require some work prior to sale, or before you move in. Mortgage House Lending Specialists can give you advice on how to move a loan, what relocating mortgages are suitable and how moving home loans may be beneficial. Speak to us about extending time frames to make moving house easier, and maybe even including a little extra cash for those moving house emergencies. Having experienced loan specialists on your side is bound to make your transition easier. Read more online loan tips in our mortgage tips checklist.
What type of relocation loan is best?
At Mortgage House we pride ourselves on offering a wide range of tailored, flexible and competitive low interest rate relocation home loan and mortgage products. That means if you are moving house, you have a lot of choices when searching for suitable relocating mortgages. We listen to our customers which is incredibly important. That’s how we know what to recommend to those who wish to move a loan or learn more about relocation home loans. Our terms, conditions and rates compare favourably against any of the Big 4 banks or other lenders, and that’s why we understand that most of the relocation home loans we offer can be a money-saving option if you already have a home loan. In fact, if you have equity in your existing home, you might even make savings when you are moving house and potentially lower your loan repayments.
Mortgage House offers both investor and owner-occupier relocation home loans, giving you a range of options when moving. Investor home loans are for those who are buying a home or a commercial property as an investment and can attract a slightly higher interest rate. Owner-occupier home loans are for people who intend to live in the house they are looking to buy. But they are not the only type of relocation loan options Mortgage House has to offer. Other loan options worth considering include:
- Variable home loans. Variable home loans have a variable interest rate, which is an interest rate that can increase or decrease over the life of the loan. The interest rate levels can move based on a range of both internal and external factors, such as the national or international economy, or the cost to the bank or lender of providing you with the loan.
- Fixed home loans. Fixed rate home loans mean the interest rate is fixed for an agreed period, usually between 1 and 5 years. These loans are attractive to both investors and owner-occupiers, as it can make budgeting easier. Fixed interest rates mean you will know exactly what your repayments will be over the life of the loan.
- Bridging loans. When you are moving house a bridging home loan in Australia can be a very attractive option. In an ideal world, you would buy your new home at the exact same time as you sell your existing one. But that doesn’t always happen, which is why bridging finance was created. A bridging loan is a short-term loan that can make a big difference when you are moving house. Most banks and lenders will agree to bridging loans for up to 6 months for an existing home or 12 months if constructing a new home, to give you time to sell your existing home. A bridging loan can be the difference between whether you can act quickly and buy the home of your dreams or miss a good opportunity.
- Portable loans. If you were wondering how to move a loan, and whether it is easy, with Mortgage House the answer is probably yes. It is possible your existing home loan is portable, meaning you can move it from one property to the other, or take it with you when moving house. Importantly, a portable home loan is not a new loan, and if you need to increase your loan amount, you may be able to. However, if you want to borrow more than your current loan allows, you may have to reapply. Portable home loans are convenient because you won’t have to go through the whole process of finding a home loan again, and you can use all the same banking and deposit information.
What is the process of relocating a loan?
One of the great things about relocating mortgages is that there can be a lot less paperwork involved, especially when you compare it to applying for a totally new home loan. When you are looking for a new property, with the dream of moving house, it is important to know, as closely as you can, how much money you have available. That can help you narrow down, or even expand, your property search options. Mortgage House can make the whole process seamless when it comes to the relocation of a home loan, and even give you pre-approval so you can begin your search in earnest or start relocating your house as soon as possible.
If you have lived in your current home for several years, continue to earn an income and have a good credit rating, then Mortgage House has a range of relocation home loans available for you to apply for immediately. The equity in your current home can go a long way to help you moving home loans, as it can be used to set up your borrowing power. If that sounds like you, and you have questions about how to move a loan from one house to another, then Mortgage House’s lending experts can help. Our relocation home loans can even help you put down a deposit on a new home and organise the balance once your current home sells. We can work closely with you to organise a bridging home loan with terms that are extended, giving you time to make the right real estate choices, and extra flexibility to meet your property goals. Once your existing property is sold, the balance of your new mortgage will be reduced, which can open up more refinancer home loan options for you.
How useful are relocation loans?
Relocation loans are extremely useful because they come in a range of styles for different purposes. Finding the right loan is easiest at Mortgage House, as we showcase the best low rate home loan offerings, while also providing tools and mortgage calculators to help you ascertain your borrowing and spending power.
Bridging loans are the obvious choice for homeowners who are ready for the big move. Portable loans are equally useful, allowing you to transfer the entire mortgage package to your new location. Relocating can be a logistical nightmare, but Mortgage House simplifies the process, allowing customers to make the transition without unwanted stress. Your relocation loan can even be profitable or free up funds for other pursuits such as holidays, investments and family. Give us a call to discuss your relocation plans. Our customer service team can discuss our best interest rate products for a variety of loans to suit your circumstances.
Can I relocate with a traditional home loan?
At Mortgage House, there is always a way. Helping Australians achieve their property dreams is our mission, and has been since 1986. Whenever and wherever you decide to relocate, we can assist you with the right home loan product for relocation. We will locate a better fixed or variable rate loan, and make sure you save with special deals and incentives. You don’t need to miss a payment or reorganise paperwork with fixed and variable rate mortgages to make budgeting easier. Have the details of your current home loan on hand, and give our of our lending specialists a call to discuss how we can help you relocate in the smartest way.
How much can I borrow with a relocation home loan?
Why waste time looking at properties that do not match your borrowing power? Before you start your property search, consult with a Mortgage House Lending Specialist to help to shine a light on your present finances, home equity and borrowing power, allowing you to get a relocation loan pre-approval for targeted investing. You may be surprised to learn that you can search for properties that you previously considered to be out of your reach.
Mortgage House best value home loan products act as stepping stones for helping customers reach their financial potential. We don’t hold you back, preferring instead to offer the guidance and support we are famous for. Our success is transforming the industry, and Mortgage House customers are reaping the rewards. We believe in loans that offer savings, freedom and convenience for the best contemporary living solutions. Find out how much you can borrow for your relocation, and what type of loan solution will optimise your finances by getting in touch. Or find more information in our mortgage tips checklist.
What if I need money while waiting to relocate?
Life isn’t always smooth sailing, and financial hurdles can arise at any time. Your current and the new home may also require work prior to sale, and your budgeting decisions should also include the provision of extra cash for emergencies. Relocating can be an exciting time for everyone, but when finances are tight the joy soon vanishes, so take advantage of Mortgage House services and resources to make sure you are making affordable, well-planned decisions.
A bridging loan when relocating is an ideal solution, with deals that include extended timeframes for making the transition between homes. It’s not easy focusing on two homes at once, but with our lending specialists guiding your moves, you can rest easy knowing that your money is working hard for you. Relocation loans are likely to reward your hard work and steady repayments, so that you can move confidently into the next chapter of your real estate journey.
What are some other relocation loan considerations?
There are lots of advantages with relocation loans, but the benefits will be greater with expert guidance. The various loan terms and conditions can get confusing, so Mortgage House professionals are always available to answer your questions. Considerations for relocation loans include:
- How much time you have to sell your current home?
- What are the repayments and interest rates?
- What relocation loan products are available?
- Can other loans be consolidated with the relocation loan?
- Are there financial advantages or disadvantages of the loan?
- How will the home loan be structured once the sale is complete?
Get in touch with our lending specialists to guide you through these important questions to help save you time, angst and money during relocation.
Are relocation loans easy to arrange?
In many cases, home loan portability is already a mortgage feature, allowing you to move from one home to another without any financial expense or inconvenience. Other situations will result in more money being required to complete the plan. At Mortgage House we know how important it is to be clear on your timeframes, and we aim to provide you with transparency based on your situation. Bridging loans are usually less complex than regular home buyer loans, as finances and agreements are already in place, with need of some calculation and detail adjustments.
Your existing home equity will add to your borrowing power, and you might be surprised just how far Mortgage House can take you along the road to reaching your financial targets. With Mortgage House, every step you take is progressive, ultimately leading to greater financial freedom. The easiest and quickest path to arranging your relocation loan is with the help of our customer service experts at Mortgage House.
What documents do I need for a relocation loan?
Although appropriate documentation is always required when applying for loans, Mortgage House professionals don’t conduct financial assessments like an interrogation. Committing to a loan can be an unnerving experience for newcomers to investing, so Mortgage House offers a caring and considerate service to make sure we are all on the same page and in-the-know.
You will need to provide evidence that you are moving to get the clarity you need on relocation loan adjustments. The sale documents and purchase contracts are important, as are other associated documents and evidence that will be outlined by your Mortgage House consultant. If you are simply relocating without any need for radical home loan adjustments, you can even keep the same bank account and BSB numbers for a seamless transition between residences.We also understand that things may be different for you since you first took out your home loan. You may have a new job, more dependants, different expenses and incomes streams. We can help identify the information that will fast-track the relocation home loan process.
Are there alternatives to relocation loans?
At Mortgage House, we specialise in alternative loan solutions. If a relocation home loan or bridging loan doesn’t suit your needs, we can offer a range of other products that might match your budget and expectations. The best part is, there is no middle man. Our lending specialists are customer service superstars and arrange everything in-house which benefits you with product knowledge and flexibility. We offer principal and interest or interest-only loans, with fixed and variable interest rate incentives that are hard to resist.
Speak with one of our Lending Specialists and find out how your financial situation can be used for maximum benefit. We will help you evaluate your property goals and the best means of achieving your targets on time and without stress. Mortgage House solutions are tailored for every individual customer, and with an Australia-wide reputation, our success is based on your satisfaction.