When it comes to buying a second property, there's a bit more to think about than your first home.
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Bridging loans
Whether you're buying a second home or an investment property, there's a few things to consider that could be different from your first time around.
Steps to buying your next home
Crunch your numbers
There's different finance options and costs you'll need to consider when buying your next property.
Get ready to buy your next home
Learn about buying, selling and the loan approval process, so you're equipped to buy your next property.
Complete Home Loan Package
Whether you're buying a home to live in or an investment property, the Complete Home Loan Package could help you get there. With a $395 annual fee, the Complete Home Loan offers our low rate, plus the flexibility to add multiple offset accounts and an eligible credit card. 1 Offset Transaction Account must be held in the same name as the loan account. Maximum 40% offset is available with our Complete Fixed and Fixed Rate home loans. Other exclusions apply. Account holders must be 18 years or older. Other fees and charges may apply. Credit interest is not payable on this account. Where a monthly offset fee applies, it will apply to each offset account held.
You can choose from a variable, fixed or split loan to suit your needs.
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Bridging finance
With a bridging loan there's less missing out – you don't have to let go of your ideal property purchase, before you finalise the sale of your current property. 6 Bridging finance is a facility of the Bankwest Simple Home Loan only.
Chat to a Home Lending Specialist to see if this option could suit you.
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Get an idea of your regular repayments and see how much you could save if you make extra repayments.
Estimate how much you could borrow based on your income, expenses and current home loan.
Get an estimate on stamp duty, Lenders Mortgage Insurance and other home buying fees.
See if refinancing your loan could save you money on home loan interest in the long term.
Want to know more about home equity and bridging loans?
A bridging loan could help you purchase a new property to live in, before you sell your existing home.
It's a temporary loan, usually up to 6 months, and you’ll need to have your existing home loan with us. You'll need to sell and settle your current property within the loan term.
The proceeds from your property sale will go towards paying off your bridging loan. If you sell your house for less than the bridging loan, you could end up with a higher home loan balance than you expected. 6 Bridging finance is a facility of the Bankwest Simple Home Loan only.
You don't need a deposit when you take out a bridging loan. A bridging loan is designed to help you buy a new property before you sell your current home. Therefore, the balance of the bridging loan will be paid once you sell or will be added to the balance on your new mortgage.
Equity is the difference between your property’s market value (what you could sell it for) and what you owe on your home loan.
You may be able to borrow against the equity in your home, instead of using a cash deposit to buy a new home. Depending on your situation, you may need to pay a smaller deposit to avoid Lenders Mortgage Insurance.
How much you can borrow for your next property depends on a few things, such as your current equity and financial situation, as well as the reason you're buying your next property.
A common misconception is that you can use all your equity to buy another property. In most instances, you could borrow up to 80% of the value of your home.
For example, here’s how Sarah can calculate her usable equity:
- Calculate 80% of the value of Sarah’s home: $500,000 x 80% = $400,000
- Take the 80% value of Sarah’s home and subtract her current outstanding debt: $400,000 - $320,000 = $80,000.
This means Sarah has $80,000 worth of usable equity to put towards a deposit, as well as other buying costs like stamp duty and settlement fees.
If the usable equity isn’t enough to cover the full deposit and any stamp duty and settlement costs, Sarah will also have to make a cash contribution.
- Offset Transaction Account must be held in the same name as the loan account. Maximum 40% offset is available with our Complete Fixed and Fixed Rate home loans. Other exclusions apply. Account holders must be 18 years or older. Other fees and charges may apply. Credit interest is not payable on this account. Where a monthly offset fee applies, it will apply to each offset account held.
- Digital signing – some exclusions apply. Due to state laws, restrictions apply to digitally signing the Mortgage Form in some States and Territories. Customers must have access to a device (computer or tablet recommended) with internet and email access.
- Some exclusions apply.
- If you decide to pay interest only, only monthly repayments are permitted.
- Extra repayments up to $10,000 for Complete Fixed Home Loan.
- Bridging finance is a facility of the Bankwest Simple Home Loan only.
Complete Home Loan Package:
Lending and eligibility criteria, fees and charges apply including an annual package fee of $395. Terms and conditions apply and are available on request. The Complete Home Loan Package is available to individuals only. Minimum initial loan size $200,000. The package consists of an eligible home loan, one optional eligible credit card per customer and optional Offset Transaction account. Variable rate is subject to change.
Bankwest Simple Bridging Home Loan:
Min loan size $20,000. Lending criteria, fees and charges apply. Maximum 70% Loan to Value Ratio for owner occupier and investment loans. Terms and conditions apply.