Buying Your Next Home
We believe that everyone should have the financial ability to live the life they want. Whether your family has grown, you’re looking to downsize, or are after a bigger house or a new reno project to take on etc. we can help. Our Mortgage Brokers can help you figure out how much equity your current home has and how this can help you purchase your next home.
Haven’t sold your current property yet? No worries! The team at Futurebound can arrange a plan to assist you in the sale or rental of your current home.
Equity in Your Current Home
How is equity created and how do I know if I have equity in my current home?
Equity is created by either reducing your mortgage through repayments or through your home appreciating in value (aka capital growth). You can work out a loose estimate of your house’s current value by using a free online tool such as homes.co.nz or qv.co.nz. The amount of equity in your current home will determine your finance options and budget for your next house.
First things first - let’s figure out your situation.
The first step to buying your next home is evaluating your situation to help determine how many different options you have available when purchasing your next home. Some options may be ones you’ve never even considered.
There are many different options available when it comes to purchasing your next house:
- Will you sell, then purchase?
This is one of the most common ways to get into your next home. Selling your existing home before buying a new one means you’ll avoid covering two home loans at once.
- Will you purchase, then sell?
Buying a house first puts time on your side. You’re free to hunt for homes without a settlement date looming. Your finances, however, may not be on your side. To secure a new home, you’ll need to come up with the money for a deposit which might be tricky if your equity is tied up in your existing property.
- Will you keep your current property as a rental?
Often not even thought of, but keeping your current property as a rental can ensure a nice bit of passive income for you and your family, not to mention the capital growth for future endeavours.
- Is there an option for you to subdivide your current property?
If you really love the location and are sitting on a nice piece of land, you could investigate the option of building a second house (your dream home or next home) on the land and keeping the existing dwelling as a rental or selling it once the subdivision is completed.
- Would you consider renovating?
If you love the character of your home but it needs a bit of a facelift, you may be able to use the equity in your existing home to get a loan to make some improvements.
If you’re having some issues deciding on what might be best, or know exactly what you’re wanting to do, book in a mortgage advice consult with us. We can go over your current financial situation and help determine how much usable equity you have in your current property. We’ll also be able to go through what steps you need to take in order to move forward such as getting a physical valuation on your property, applying for a bridging loan etc.
Benefits of Using Futurebound
Buying a home is the biggest purchase most Kiwis will ever have. The right advice and guidance can mean the difference of $100,000s.
We specialise in mortgages for wealth-building
Investment properties can be a great way to build your wealth and receive a passive income. Our team can show you how to use the equity in your current home to buy an investment property without using a cash deposit and how to structure your mortgages to ensure your get the best return on investment.
High approval rate
We are committed to getting you approved for the home loan you need. Obstacles don’t intimidate us!
Access to our Fast Track Your Mortgage Plan Lite*
All new lending over $300,000 receives access to our Fast Track Your Mortgage Plan Lite. This guide will help you pay off your mortgage up to three times as fast, saving you tens of thousands of dollars every year in interest costs.
Stay on track towards financial freedom
Each year you’ll receive a comprehensive review of your mortgage including equity position, ability to buy your first or next investment property, insurance review and an update on your mortgage debt reduction plan.
Winning with Property Blog
Wanting to learn more about property, ways to build wealth within property
and everything in between?
“Don’t leave your financial freedom to chance, Jeff is incredibly knowledgeable and passionate about helping build a better future. Highly recommend Jeff and the team if you have a property and are looking to increase your wealth by looking at buying an investment property. With Jeff’s help it is easier than you may think!”
Kayla
“He arranged loan approvals from multiple banks with best interest rateJeff was very helpful and supportive to us in buying our first home. He arranged loan approvals from multiple banks with best interest rates. Very patiently answered all my stupid questions and advised us on bank loan repayments and finance planning. This actually helped us a lot to get through the stressful times. I would definitely recommend to anyone wants to get into the market.”
Ram
“Jeff is a really nice and considerate guy who really has your best interests at heart. He’s helped shave off tens of thousands of dollars of interest repayments, as well as helped me understand and implement ways to cut my mortgage repayment timeframe by about two-thirds. Thanks, Jeff and the team!”
Rawiri