Buying Your Next Home 

There comes a point in time when your current home might not suit your needs anymore. Whether you're upgrading or downsizing, buying a holiday home or looking for a change, BOQ are here to help you with your next move. Our home loan experts will help you prepare for the next stage of your property journey and find a home loan that suits your needs - now and into the future. 

 

How to apply

Home loan calculators and tools

 

Step 1: Consider what you'll do with your current home 

Buying a house, applying for a mortgage and going through settlement - you've done it all before. But now that you already have a home, there's a few extra things to consider when buying your next property:

  • Using your home as an investment property - depending on how much equity you've built up in your current home, you may be able to put it towards the deposit of your next home, if you convert your current home into an investment property. This is a complex situation and you should consider getting financial advice before deciding whether it's right for you.
  • Buying or building a new house before selling your existing one - If you've found your next home, our Bridging Finance Loan will help you purchase your new house while you're waiting for your current one to be sold. 
  • Selling your house before buying a new one - Putting your house up for sale before buying your new one will avoid the cost of two mortgages, but you will need to arrange for a place to stay once your house is sold.

 

Step 2: Work out your borrowing power 

As with any home buying journey, you will need to work out how much you can borrow for your second home. Our Borrowing Power Calculator will help you work out an estimate of your buying power based on an estimate of your current salary (and your partner's if you are making a joint application), existing financial commitments and the length of your loan. 

Calculate your ongoing repayments with our Repayments Calculator. Our Budget Planner will help you work out how much you have available each month for your repayments.

 

Other costs

As you may already know, buying a new home comes with additional costs. These include:

  • Stamp Duty - use our Stamp Duty Calculator to work out how much stamp duty will be payable on the purchase of your home
  • Lenders Mortgage Insurance - a fee applies if you're borrowing less than 20% of the purchase price
  • Legal fees - your solicitor will complete all the necessary conveyancing and searches on your home
  • Building & Pest Inspection - a comprehensive report on the structure and condition of your home
  • Property valuation - an independent valuation of your home
  • Moving costs - hiring removalists or a truck to help you move into your new home

 

Step 3: Finding your next home

Once you've worked out your borrowing power and what you'll do with your current house, it's time to visit house inspections to find your next home. To help you with your property search, the BOQ Property App (powered by RP Data)** will provide you with useful information on the last sale price, estimated price range, other sales in the area and more. Its super simple to use, just enter the property address and have the free property report sent straight to your email.

 

Step 4: Choosing your next home loan 

To help you prepare for changing life circumstances now and in the future, it's worth considering features which will add flexibility to your home loan. Our home loan experts can help recommend the best home loan for your individual circumstances to suit your needs and your lifestyle. These features include: 

  • Interest rate - do you need the flexibility of a variable rate or certainty of fixed loan repayments or would you like to combine them? 
  • Mortgage offset - reduce the interest on your home loan with an mortgage offset account
  • Redraw facility - redraw any cash on your home loan when you need it 
  • Additional repayments - to help you pay off your home loan sooner 
  • Flexible repayments - make weekly, fortnightly or monthly repayments 

 

Our most popular home loan products

Clear Path Variable Home Loan# Clear Path Line of Credit^ Economy Variable Home Loan^
Our most popular home loan with a low variable interest rate and no application fee. Access a line of credit up to $25,000 for home maintenance fees or personal use, without having to reapply. Enjoy our lowest interest rate home loan with flexible payment options.
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View more loans or compare our home loans.  

Step 5: Buying your next home

Once you've found the perfect next home and you've agreed on a price with the seller, it's time to apply for your home loan. Why not have a chat to one of our home loan experts today to start the process?

  • Get started online - apply online now to start the home loan application process.
  • Loan application - we’ll walk you through completing your loan application
  • Loan approval - we'll let you know when the finance for your next home has officially been approved
  • Loan settlement - the day you can really celebrate and collect the keys to your next home.

 

How to apply