The loan process step-by-step.

Upsizing or downsizing. What to do with your loan.

Whether you’re upsizing to accommodate your growing family or downsizing from a house to an apartment, chances are you have a loan attached to your current property. So what happens to this loan when you want to move?

First things first, you need to make a few decisions around your existing property. Do you want to sell this before buying, or are you thinking about keeping this as an investment property.

Either way, you will need to take out a new loan or at least make some changes to your existing one.

So here’s a rough idea of what to expect:

A chat with your broker

Here we’ll nut out your current financial position and what approach to take to your home loan as you move. Maybe it’s looking at a bridging loan or using a deposit bond. A mortgage broker can help guide you to make the right decision for you.

Understand what’s possible

You’ll hear back from us within a few days of that chat. Depending on the direction you have decided to go in, your broker will have a few loan options for you. You choose one, then they get to work – preparing and submitting your loan application to your chosen lender for approval.

Let’s make if official

Once you have been approved, your broker will make the transition from current loan to new loan as painless as possible. A valuation takes place on your new home to check the value, insurance details are provided and a settlement day will be

Settlement - The big day

In this final stage, your broker will coordinate the lead-up to settlement where the funds from your new home are used to pay off your current loan. They will liaise with your existing, and new bank and if you’re borrowing any extra cash, this will be made available to you. A solicitor or conveyancer is still involved here to change the lender name on your paperwork.