Your Next Home
At Inovayt, we aim to help you to find the best options for purchasing, selling or renovating your next home.
- Purchasing Options
- Renovation Options
- Should I Sell or Rent?
What are my options for purchasing?
In a perfect world, purchasing a new home is straightforward, but that’s not always the case. There is a range of home purchasing options to help you secure your next place. Your Inovayt mortgage broker will assist you in developing a suitable strategy to purchase your next home, crunching the numbers and considering multiple scenarios until we have developed one to best suit your personal situation.
Bridging loan
Don’t like the thought of moving twice? A temporary move out of your current home into short-term accommodation or your parent’s home can be one of the main roadblocks that deter people from upgrading their home. A bridging loan or relocation finance allows you to purchase and settle on a new home before you have been able to sell your existing home.
Simultaneous Settlement
If you’re buying and selling at the same time, it means timing the settlement on both your existing and new property so that they occur at the same time. When that happens, it’s called a simultaneous settlement.
Sell first and purchase later
If you want to know exactly how much you will have available for your next purchase after you have sold, then this may be the option for you.
Guarantor loans
Guarantor loans are a type of loan that requires a guarantor to co-sign for a limited portion of the finance. Essentially, this means the guarantor agrees to repay the borrower’s debt should the borrower default.Guarantor loans are great for a multitude of reasons:
➔ Avoid LMI
➔ Get into the market sooner
Find out if a guarantor loan is right for you by reaching out to any one of our specialist mortgage brokers today.
What are my options for renovating?
Whether you’re looking at a small extension or a complete knock-down rebuild, we can help. Our team at Inovayt can help you find the solution that best matches your needs, so you can start taking the steps towards renovating your home sooner.
Minor home non-structural
Don’t want to move but want to give your current home a face-lift? Lenders can increase your home loan to fund invoices for non-structural home improvements such as landscaping, painting and flooring, to name a few.
Structural
Are you looking to add another bedroom to make room for a growing family? This would be considered a structural renovation that a lender would require a fixed-price building contract to fund.
Renovation financing options
If you’re unsure how to finance a renovation, you’ve come to the right place! Whether you decide to use a bank loan or use the equity in your home for renovations, the Inovayt Finance team works with you to find your best option.
Should I sell my house or rent it out?
There’s no right or wrong when it comes to selling your home or keeping it as an investment property. It often comes down to your financial position and goals. Everyone has options, including using the equity in your current home towards the deposit on your next home.
Key considerations
➔ Borrowing capacity – Will the bank approve your loan for two properties?
➔ Cashflow – Cashflow is like oxygen. When you have it, you don’t think about it. When you don’t have it, you think about it all the time. Without it, virtually nothing else is possible. Do you have a safety net if a job or tenant is lost for some time?
➔ Equity – Do you have enough equity to pay the deposit to purchase another home within the lending policy?
➔ Tax, ownership & loan structure – What are the tax implications of owning an investment property? We suggest that you speak with your accountant.
➔ Future plans – Does owning two properties fit within your short, medium- and long-term financial goals?
Equity release – withdrawing equity
If you intend to withdraw equity from your current property to pay the deposit for another, please ensure you allow 4 – 6 weeks to have cash in hand to pay the relevant deposit. You don’t want to be in a position where a deposit is due without having the funds. There are a few alternative options. Please get in touch to find out more.
Home Loan Structure
Lastly, how your loans are structured is pivotal to ensure that you have the most control over your finances and for the ease of lodging your tax returns each year. Take the time to weigh the pros and cons of renting vs selling and the implications of each option before making your decision.
What our clients say
Helpful resources
Buying Your First Home
Becoming a first home buyer is exciting and doesn’t have to be complicated. Our guide will walk you through what you need to know.
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Senior Finance BrokerOur team of expert brokers are with you through every step of the way on your home buying journey. Not only do we help you find the right loan, we also stay with you right up until after settlement, helping you navigate stamp duty and other home buying fees.
Why Choose Inovayt
Simple
We understand it can be challenging to apply for finance for your first home, but it doesn’t have to be. Our experienced team can help you easily apply for a loan that suits your individual needs.
Flexible
We understand that everyone has different needs, schedules and availability. We’re happy to meet face to face, over the phone or online at a time that suits you.
Solutions-driven
Let us help make your first home dream a reality. Our end-to-end financial solutions can support you throughout any stage of your life journey.
