We have recently had a number of clients who have sold their homes and are looking to buy again. One client almost got caught out with buying a new home with no finance clause – as they assumed that as they had a loan amount of $450,000 already that their bank would just re-approve the same amount no worries. NOT.
Their income level had changed, and they were on interest only – so their lender wanted to see a full application which meant that they could only borrow $300,000 now. They have now had to rent for a while until their income improves to be able to buy back into the market that the price point that they will be happy with.
It is so important to canvas and ensure that you know your borrowing capacity and what you can do BEFORE you start the process of selling and buying.
North Brisbane Home Loans can let you know the best way to move forward that suits your situation.