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Options with your current home.
Buying a new home is an exciting step. There's a lot to think about including what you will do with your existing home.
Your options.
1. Sell before you buy
Selling your existing home before buying a new one means you'll avoid covering two home loans at once.
If your current home loan is with us, you can take the loan with you. This means you transfer your loan to your new property, saving you the cost and inconvenience of establishing a new loan.
2. Buy before you sell
If you buy a new home and it will be some time before you get the money from selling your current home we might be able to increase your Choices Home Loan for a short time or help with bridging finance, which is a short term interest-only loan to bridge the gap when you have mortgages over two homes.
Keeping your current home.
1. Keep it as a rental property
Keeping your current home as an investment property could be an option. Consider how much equity you have in your home and whether your rent could cover your costs. Find out what the weekly rent is for properties in your area here. Find out what the weekly rent is for properties in your area.
2. Renovate your current home
Renovating, building an extension or making simple changes could give you the home you want without the effort and costs associated with moving. However, you could risk over-capitalising and may need to move out during renovations which could add considerable cost to your budget.
3. Subdivide your current section
If your section can be subdivided, the value of your property is likely to increase. Subdividing your section could create a number options for you, including selling the land or building a property to rent or sell. Subdividing is likely to attract consent fees, so consult your local authority first.
Featured rates.
* Minimum 20% equity, plus salary credit to a Westpac transaction account. Not available with any other Westpac home loan offers, or promotions or package discounts. Loans for business or Investment purposes excluded.
Lending criteria, terms and conditions, apply to home loans.
For home loans with less than 20% equity, a low equity margin may apply, see low equity margins explained for more details on how this is applied.
Interest rates are subject to change without notice.
If you don’t pay amounts when they’re due, your home loan account may exceed its limit and the interest rate applied to the over limit amount will be your annual interest rate plus an additional 5% p.a.
Get in touch.
Meet with an expert
Our Home Loan Experts can come to you, when it suits you best.
Apply online.
Existing customers can apply for a home loan via Westpac One® online banking.
Things you should know.
Interest rates are subject to change without notice. Westpac's home loan lending criteria, terms and conditions apply. A low equity margin may apply.