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Buy It

So, you have owned your home for a while and thinking about purchasing another home? Perhaps a change of lifestyle? An upgrade to a larger home or the desire to live more minimalist - or maybe you are in a position to purchase that second home you've always dreamed of in that special vacation spot meant for you. No matter what your circumstances are, we are here to assist you Buy It!

Here are some questions/considerations you should ask yourself before you consider selling your home and buying another:

 

Do you need to sell your home first in order to purchase another home?

If you do, you can sign a conditional contract, meaning you have an agreement to sell your home first before buying another home. Another option, if you are not in a rush, is to sell your home and rent until you are ready to buy something else. Maybe you don't need to sell your home at all and would like to look at the option of keeping your home as an investment property with a rent return to help with the mortgage repayments. 


What are the interest rates? 

We will help you find the lowest rate available! Low rates are a great time to purchase another home


Have you paid down your mortgage faster?

If you can afford to pay one extra payment a year (lump sum) or pay a little extra every month on the principle balance, this helps decrease the amount you owe on the mortgage. Again, it gets you on the road to better cash flow and financial freedom. For example, if you increase your payments by a small amount of  $85 per week, not only do you repay your mortgage 10 years earlier but you will also save over $100k in interest payments. 

Here is an example: 
What is the value of your home and what do you owe on it? Real Estate Agents offer free appraisals when listing your home, or if you prefer you could employ a Registered Valuer to value your home and will provide a comprehensive report with comparative sales. Check property values through your city and town, If you have a good deal of equity in your home, it's a good time to buy! You may use that equity to purchase another home or the vacation home of your dreams


What about home equity?

This is the value you have in your home (land and house, excludes contents such as furniture) minus your mortgage and any lines of credit on the house. For example, if your home is worth $500K and you owe $200K, you will have $300K of equity. This equity can be used to 

  • Consolidate debt
  • Purchase an investment property
  • Purchase an asset such as boat or caravan
  • Home improvements
  • A vacation away  

Our mortgage advisers are here to answer all your pressing questions. We can take a look at the home you have versus the one you'd like to buy and assist you in making that dream a reality.  We take your entire financial situation into account and guide you towards the best option for you. So you can Buy It!

How to pay down your mortgage faster

If you can afford to pay one extra payment a year (lump sum) or pay a little extra every month on the principle balance, this helps decrease the amount you owe on the mortgage. Again, it gets you on the road to better cash flow and financial freedom. For example, if you increase your payments by a small amount of  $85 per week, not only do you repay your mortgage 10 years earlier but you will also save over $100k in interest payments. 

   Here is an example: 
What is the value of your home and what do you owe on it? Real Estate Agents offer free appraisals when listing your home, or if you prefer you could employ a Registered Valuer to value your home and will provide a comprehensive report with comparative sales. Check property values through your city and town, If you have a good deal of equity in your home, it's a good time to buy! You may use that equity to purchase another home or the vacation home of your dreams

What about home equity?

This is the value you have in your home (land and house, excludes contents such as furniture) minus your mortgage and any lines of credit on the house. For example, if your home is worth $500K and you owe $200K, you will have $300K of equity. This equity can be used to 

  • Consolidate debt
  • Purchase an investment property
  • Purchase an asset such as boat or caravan 
  • Home improvements 
  • A vacation away  

Our mortgage advisers are here to answer all your pressing questions. We can take a look at the home you have versus the one you'd like to buy and assist you in making that dream a reality.  We take your entire financial situation into account and guide you towards the best option for you. So you can Buy It!

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Simple Mortgage Calculator:

How much are you borrowing?

Over how many years?

At what Interest Rate?

The Mortgage Process

Pre-qualification

Work out how much you can afford to borrow.

Pre-Approval

Gather information & paperwork to obtain a pre-approval

Figure out where to buy

Start looking for a home and make an offer conditional to finance. Think about any other conditions you may like to put on your Sale and Purchase Agreement such as builders report, Registered Valuation and a move in date

Finalise all conditions to purchase

Finalise finance, arrange inspections and valuations as required

Going unconditional

make sure you are happy with the above inspections and reports, if so, then you are ready to unconditionally purchase this property

Closing

Talk to us about the best ways to pay off your mortgage and chat about how risk insurance may benefit you

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What do our clients think?

  • Catherine and Esera

    My partner and I were considering buying a house as we were paying a lot for rent, and we were due to have our first baby. Lorna welcomed us into her office and was so easy to talk to. She made us feel comfortable straight away. We knew nothing of the process of buying a house so it was a relief to know that Lorna would handle everything. And she did help with everything - from helping us with Kiwisaver, housing subsidies and lawyers, to drawing up a budget, insurances and our wills. I really felt that Lorna fought for us, making sure that we got the best deals around, she really looked after us. Lorna kept in constant contact with us, making sure we fully understood each process. I will always appreciate the wonderful experience we had buying our house, not only because we are homeowners, but because the process was made so easy with Lorna and the wonderful team at Prosper.'

    Catherine Kiel and Esera Filipo

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