Upgrading your home: Securing the right home loan

Moving up the property ladder is something that everyone considers once in a while. Maybe your first home no longer suits the growing needs of your family, or your children have flown the coop and left you with a large house and no one to fill it. Or perhaps you simply want to take out a construction loan and finally get around to building the home you've always wanted.

1. Regardless of the motivations, there are a number of options available to those interested in changing their living situation. The main difference is finding the right home loan option to accommodate your desires. 

Looking into the market

If there's one thing to remember from finding your first home loan, it's that there is a large range of different products available to help people across Australia achieve their real estate goals. There are almost as many loans as there are buyers, with each one offering different features to suit lifestyles and budgets. 

For example, taking out a construction loan is a lot different from securing a home loan to purchasing existing property and will work in favour of those building a home. 

Before you select a loan, you will need to sort out what options are available for your current loan before jumping ship – especially if the resale value isn't enough to cover the remaining balance on your property. 

You could have the option of a bridging loan, which are short term loans designed to help people during periods of transition between one residence and another, making the gap between purchasing a new home and selling the old one less of a nightmare. 

But regardless of what type of home loan you need, it's always worth getting in contact with a financial professional before committing. Their expertise will help you to find and secure the most suitable home loan solution for your situation, making the scenario stress-free and providing you with peace of mind.