Mortgage loan broker for your next home loan
Your trusted guide for buying, upgrading, or downsizing to your next property.
Whether you're upsizing for a growing family, downsizing for a sea change, or simply ready to move on, financing your next home is different from buying your first, especially in Australia. As experienced mortgage brokers on the Sunshine Coast, we help you navigate the lending landscape - from understanding your equity position and borrowing power to choosing the right loan structure for your new property. Get to know specific requirements that might apply in Australia. With access to over 60 banks and lenders, we'll research and recommend competitive home loan options tailored to your financial situation.
Key Benefits:
- Access to 60+ lenders - Compare rates and features you can't always get directly.
- Bridging loan expertise - Buy your next home before selling your current one. End-to-end support - From loan strategy through to settlement, we handle the paperwork.
- Equity guidance - Understand how your current property can help fund your next purchase and meet certain requirements.
How We Help You Finance Your Next Home
Buying your next home comes with a different set of considerations than your first. You may need to sell and buy simultaneously, unlock equity, manage two sets of repayments temporarily, or coordinate settlement dates. As your mortgage broker, we take the complexity out of the process and provide personalised lending advice at every step. This includes guidance on eligibility requirements and managing payments.
We work with you to understand your goals, assess your current financial position, and research home loan options across our extensive lender panel. Whether you're looking for a variable rate for flexibility, a fixed rate for predictable repayments, or a bridging loan to bridge the gap between properties, we'll recommend solutions that fit your needs.
Why Choose Mason Finance Group:
- 900+ five-star Google reviews from satisfied clients
- Comprehensive lender network, including major banks and specialist lenders
- Local Queensland expertise with deep knowledge of the Sunshine Coast property market
- No upfront fees - we're typically paid by the lender, not you
Understanding Your Credit and Borrowing Position
Your financial profile may have changed significantly since you took out your first home loan. Understanding any new eligibility requirements is essential. Your credit score, income, existing debts, and the equity you've built in your current property all play a role in determining how much you can borrow and which lenders will offer you the most competitive interest rates.
Factors That Influence Your Borrowing Power and Eligibility Requirements
Equity in your current home
The difference between your property's current value and your remaining loan balance. More equity means more options, including the ability to avoid Lenders Mortgage Insurance (LMI) on your next purchase.
Credit history
A strong credit score helps you access better interest rates and a wider range of lender products. We recommend checking your credit file before applying and addressing any issues early.
Income and employment
Lenders assess your income stability, employment type, and capacity to service repayments on a new loan alongside any existing debts.
Living expenses and existing debts
Credit cards, personal loans, and other financial commitments reduce your borrowing capacity. Paying down debt before applying can make a meaningful difference.
Loan-to-Value Ratio (LVR)
Most lenders prefer an LVR of 80% or below. If your LVR is higher, you may need to pay LMI, though certain loan structures and lender products can help you manage this cost. These include considering online options that might be available.
Working with a Mortgage Broker for Your Next Home Loan
A mortgage broker acts as the intermediary between you and potential lenders, doing the research and comparison work so you don't have to. When you're buying your next home, the right broker can save you time, money, and stress.
What We Do for You
- Compare options across 60+ lenders - We research rates, fees, and features to find loans that suit your borrowing needs and financial goals
- Provide a written recommendation - You'll receive a personalised recommendation explaining which loan products we believe are the best fit and why
- Handle the paperwork - From application to settlement, we package and lodge documents on your behalf, liaising with your chosen lender at every stage
- Coordinate between lenders - If you're refinancing from one lender to another, or managing a bridging loan, we handle communication with both your existing and new lender
- Offer ongoing support - Our relationship doesn't end at settlement. We provide annual loan health checks, rate monitoring, and refinancing advice to help you stay on a competitive deal
Choosing the right mortgage broker matters. Look for experience with next home buyers, a broad lender panel, strong reviews, and a willingness to explain your options clearly. At Mason Finance Group, we pride ourselves on all four.
The Next Home Loan Process
From bridging loans to general moving tips, here’s a breakdown of how we will help you buy your next home.
- Say hello
It all starts with taking about one minute to answer a few simple questions right here. Once you’re done, we’ll meet to discuss your goals, financial position and what approach you can take while moving homes, in person or online. - Your goals
Once we know what you need, we’ll research over 60 banks and lenders to find you a competitive rate. We’ll even provide a written recommendation on the loans that fit your needs, just for you. - The nitty gritty
Paperwork is our job. Once you’ve chosen the lender, we’ll work with them to package, sign and lodge documents to get you ready for pre-approval. - Formal approval
Moving is painful enough, so once you’re approved, we’ll make the transition from your current loan to a new loan as pain-free as possible. A valuation will then take place on your new home, insurance details provided, and a settlement day will be scheduled. - Settlement
In this final stage, we’ll coordinate the lead-up to settlement, where the funds from your new home are used to pay off your current loan. We’ll liaise with your existing and new bank, and if you’re borrowing any extra cash, it will be ready to go. A solicitor or conveyancer is still involved here to change the lender’s name on your paperwork. - Moving without the hassle
Thought of moving already stressing you out? Fear not. When the big day (or days!) come, we can organise for a trusted team of experts to be at your side to take care of it for you. We also have partners who can help get your connections set up, too, so you can sit back and take in the new view.
An Overview of Bridging Loans: What You Need to Know
A bridging loan is a short-term lending solution that allows you to purchase your new property before selling your current one. This can be particularly useful in a competitive market where you need to act quickly, or if you simply don’t want the stress of trying to coordinate a sale and purchase on the same day.
How Bridging Loans Work
A bridging loan essentially covers the cost of your new home while you wait for your existing property to sell. The lender provides finance based on the combined value of both properties, and you typically pay interest-only repayments on the bridging amount until your current home sells. Once the sale goes through, the proceeds are used to pay down the bridging loan, and your lending reverts to a standard home loan on your new property.
Key Things to Consider
- Bridging period - Most lenders allow a bridging period of 6 to 12 months. If your current property hasn’t sold within that window, you may need to discuss options with your lender.
- Interest and costs - You’ll pay interest on both your existing loan and the new borrowing during the bridging period. It’s important to understand the total costs involved and ensure your budget can handle repayments on two properties temporarily.
- Peak debt - This is the maximum amount you’ll owe during the bridging period (the combined value of both loans). Lenders assess your capacity to service this peak debt, so your borrowing power and equity position are critical.
- Settlement coordination - Timing matters. We help coordinate settlement dates with your solicitor, the buyer of your current property, and the vendor of your new home to minimise the overlap period and reduce costs.
A bridging loan isn’t the right solution for everyone, but when the timing works, it can provide the flexibility you need to secure your next home without the pressure of selling first. We’ll help you understand whether a bridging loan makes sense for your situation and which lenders offer the most competitive terms.
Loan Types and Features
There are several loan types available to you - variable rates, fixed rates, guarantor loans and more. Scroll through some of the options to get a better understanding of what the differences are. We’re here to answer your questions when you’re ready.
Variable Rate Loan
As the name suggests, the interest rate can change over the life of the loan. This gives you flexibility, but can also leave you open to rate rises. These loans offer more flexible features like unlimited additional repayments, redraw, and offset accounts.
Fixed Rate Loan
Basically, this is the opposite of a variable-rate loan. Your interest rate and repayments will stay the same during the fixed term, no matter what. So no surprises. Fixed-rate loans are a popular choice for borrowers who want certainty around their repayments while they settle into a new home.
Split Loan
You’re able to fix part of your loan, while leaving the rest variable. This can be a smart option for next home buyers who want some rate protection without giving up the flexibility of a variable loan entirely.
Packaged Loan
Professional packages offer discounts on standard variable and fixed rates, the waiving of fees, and in some cases, great deals on other products from the same lender. A packaged loan usually comes with one annual fee for the bundled products.
Introductory Rate Loan
Also known as ‘honeymoon’ loans, these offer a low interest rate for a short period (e.g. a year), after which the rate moves to the standard variable rate.
Interest-Only Loans
As the name suggests, you only pay the interest on the principal balance for a set term, with the principal balance unchanged. This can reduce your repayments in the short term, which may help if you’re managing costs across two properties during a transition period.
Guarantor Home Loans
A guarantor uses the equity they’ve built up in an existing property to help you purchase your property sooner. Guarantors could be your parents, parent-in-law, step-parent, or grandparents.
Loan Portability
Some home loans include a portability feature, which allows you to transfer your existing loan to a new property without refinancing entirely. This can save you time and money on fees, though it’s worth comparing whether porting your loan or switching to a new lender will provide a better deal overall. We can help you weigh up the options.
Tips for Managing Your Finances When Buying Your Next Home
Moving to a new home is one of the biggest financial decisions you’ll make. A little preparation goes a long way in helping you buy with confidence and avoid unexpected costs.
Before You Apply
- Review your current loan - Check your interest rate, remaining balance, and any exit fees or break costs that may apply if you discharge or refinance your existing home loan.
- Understand your equity - Get an up-to-date property valuation to understand how much equity you can access. This will shape your borrowing options and determine whether you’ll need a bridging loan.
- Budget for all costs - Beyond the purchase price, factor in stamp duty, conveyancing fees, moving costs, building and pest inspections, insurance, and any immediate renovation costs.
- Reduce unnecessary debt - Pay down credit cards and personal loans where possible. Lower existing debt means greater borrowing capacity and more competitive interest rate options from lenders.
During the Process
- Get pre-approval early - Knowing how much you can borrow gives you confidence when making offers and helps you act quickly in a competitive market. Eligibility and requirements can vary.
- Use a calculator - Our borrowing power calculator and repayment calculator can help you understand your financial position and estimate what your new repayments might look like.
- Stay in touch with your broker - Keep us updated on any changes to your financial situation, property preferences, or timeline so we can adjust our recommendations accordingly.
Calculators
In the realm of financial empowerment and planning, knowledge is your greatest ally. Use these calculators to get an idea of how much you can borrow and how much your repayments might be.
FAQs for next home loans.
We’ve got your questions covered.
What happens to my mortgage when I move house?
Generally, you have two options for switching your current loan. You can either refinance with the same lender (or a new lender) or pay off the existing loan and take out a new one with your new property. In some cases, your existing loan may also be portable, allowing you to transfer it to your new home. We can help you determine what you can afford and which option may be right for you.
How does a bridging loan work?
A bridging loan helps you purchase a new home whilst you wait for a buyer to purchase your current one. The loan works by covering the cost of your new property with the idea that this debt will be paid off when your old property sells. During the bridging period, you’ll typically make interest-only repayments. Most lenders allow a bridging period of 6 to 12 months.
What is the difference between a fixed rate and a variable rate?
Typically, variable rate home loans offer flexibility with features like offset accounts and unlimited extra repayments, whilst fixed rate loans offer predictability with locked-in interest rates and consistent repayments for a set term. Many borrowers choose a split loan to get the best of both. Get in touch with us today, and we can help explain how each could benefit you.
What fees should I expect when taking out a new home loan?
Fees vary by lender but may include application or establishment fees, valuation fees, settlement fees, and ongoing account-keeping fees. If you’re discharging an existing loan, there may also be break costs (for fixed-rate loans) or discharge fees. We provide a clear breakdown of all costs before you commit to a lender, so there are no surprises.
How much equity do I need to buy my next home?
The amount of equity you need depends on the value of the property you’re buying and the loan structure you choose. As a general guide, having enough equity to cover a 20% deposit on your new home will help you avoid paying Lenders Mortgage Insurance. However, there are loan options available for borrowers with less equity. We’ll help you understand your position and find the right solution.
How can a mortgage broker help me buy my next home?
A mortgage broker researches and compares home loan options across multiple lenders on your behalf. We handle the paperwork, provide personalised lending recommendations, coordinate between your existing and new lender, and support you from application through to settlement. Our service is typically free to you as we’re paid by the lender.
Ready to Make Your Next Move?
Don't let the complexity of financing your next home hold you back. Whether you're buying before you sell, unlocking equity, or simply looking for a better home loan deal, Mason Finance Group is here to help you through every step of the process.
Get started today:
- Free consultation to discuss your goals and loan options
- Personalised lending recommendations across 60+ banks and lenders
- Ongoing support from application through to settlement and beyond
Request Your Free Consultation
Contact Mason Finance Group today
Phone: 07 5211 0099
