Selling before you buy
Selling before you buy means you could avoid having to cover two mortgages at once. And if your current mortgage is with us you could even keep the same loan for your next place, avoiding the cost of establishing a new loan.
Buying before you sell
If you've found a new home, and haven't sold the old one, we may be able to help you manage your two mortgages until you sell your existing property. A bridging home loan lets you finance the purchase of a new home while your current property is on the market. A bridging loan is subject to our standard credit criteria being met.
Keeping your first home as an investment
Another option you could consider is turning your existing home into a rental property. If you have equity available in your home, depending on your circumstances, you may be able to use this towards the deposit on your new home.
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Things you should know
1. 6 month Home Loan Approval in Principle
A Home Loan Approval in Principle tells you the amount Westpac could lend you based on your current financial situation. This helps set your home buying budget, which means you can house hunt with confidence. It’s important to know this is only the first stage of the home loan approval process and it’s not yet an agreement to give you a home loan. The next stage of the home loan approval process happens once you find the property you want to buy. At this stage we do an assessment based on your property of choice and your current financial situation.
A Home Loan Approval in Principle Certificate is valid for 6 months. If you don’t find a property after 3 months you will need to contact us to confirm your financial situation hasn’t changed, for the certificate to remain valid.
2. RP Data Property Report
While the RP Data property reports are offered to Westpac customers with the permission of RP Data Pty Ltd ABN 67 087 759 171, Westpac accepts no responsibility for their accuracy or completeness. We recommend you seek independent advice before making a decision based on this information.