For many people, their first property purchase is a unit. In the current property market, a home loan for a unit is all some people can afford. For others, a unit suits their needs at the time.
But things change. If your first property purchase was a unit, you might be considering an upgrade. This is especially the case for couples who’ve had children, and simply need a bigger space for their growing family.
When people make the decision to buy bigger, they often think that they will need to sell their existing unit to make this possible.
While this is sometimes, true, it isn’t always the case.
Keeping your unit AND buying a house
Given the choice, most people would probably prefer to keep their unit as an investment, in addition to purchasing a house. But many people automatically think they’ll need to sell their unit in order to get a home loan.
This isn’t always true.
Circumstances change. For example, you and/or your partner may now be in better paying jobs than you were when you bought your unit. If you had a baby when you bought your unit, that child may now or soon be starting school, allowing you to return to work. Or perhaps you’ve started your own business.
All of these changes have a huge impact on your borrowing capacity. It’s possible that you would now be eligible for a mortgage to buy your new home, without selling your existing property.
Depending on your circumstances, refinancing your unit might put you in a better position to also get a home loan for a house.
At Bee Finance Savvy, we recognise that everyone has different circumstances. That’s why we don’t believe in using cookie cutter solutions. We take the time to get to know our clients and their situation. We combine this with our knowledge of our 30+ various lenders’ different, and ever changing, policies.
This allows us to create unique solutions for our clients. These solutions enable and empower our clients to reach their goals.
We’ll work closer with the lender best suited to your circumstances every step of the way, maximising both your borrowing capacity and your chance of approval.
We never submit applications without being confident that they’ll be approved. This avoids placing unneeded marks on your credit file, which can have a huge negative impact on your ability to borrow in future.
Getting in touch
If you’d like to find out if you can keep your unit, and buy a house as well, we invite you to get in touch with our Sutherland Shire based broker, Desiree. Desiree will provide you with a free, up front consultation to assess your situation, and discuss your options. You can call or text Desiree on 0455 131 937 or 1300 140 554. You can also email her at email@example.com
If you’d like to see what some of Bee Finance Savvy’s happy customers have to say about Desiree’s services, take a look at our WOMO reviews! https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda
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