Moving House
Buying your next home is a bit more complex than buying your first home.
Should you buy or sell first? What happens to your mortgage when you move?
If you’re looking to make a move, talk to us first. We'll help you review your financial position and make sure you’re getting the best deal and the right advice.
When you're considering a move, there's a lot to think about. We can help.
- Should you buy or sell first?
- What is bridging finance and how do you arrange it?
- What deposit do you need for your next home?
- Can you use your sale deposit for your next purchase?
- How do you align settlement dates to avoid extra costs?
- How do you choose a good agent?
We'll answer these and more. Our advisers are here to make the process easier, so you can spend more time on the important stuff - like searching for your next dream home. We've even got a handy guide with some sweet tips on buying and selling at the same time.
Why talk to Squirrel when you've already got a mortgage?
Review your financial situation
We'll make sure your mortgage is taken care of when you move house and ensure you've got the best rate and mortgage structure.
More lending options
We've got relationships with all the banks, plus non-banks too. More options means a better deal for you.
Our advisers aren't incentivised by lenders
They're paid the same no matter which lender you end up with, so you know you won't get pushed into a loan you don't want or can't afford.
Sort the deals from the duds
We love putting properties under the microscope. When you find a potential home, we'll check it out and make sure you're not buying a lemon.
Let's get started
Book a time to talk to an adviser today.
Check out the video of Courtney's story.
She's one of our favourite clients and we helped her and her family into their second home.
What happens to your mortgage when you move house?
What a lot of people don’t realise is when you move house, you can move your mortgage with it.
Say you’ve got a really good rate on your current mortgage and you don’t want to lose it. If you're still borrowing the same amount, we can move the mortgage rate from one property to another. This is a smooth process if settlement for both properties is the same day. Of course lining both up for the same day isn't always possible, so don't fret - there are options for that too, like bridging finance.
Another common option is paying off your home loan in full when you sell, and taking out a new one against the new property.
If you need to borrow more for the new property, we can approach the bank on your behalf and make sure you get the best deal.
When you’re repaying your loan once you’ve sold, you may have to pay break fees so before you sign anything, get in touch with one of our team to chat through your options.
Bridging finance
In a perfect world, you'd sell your house one day and land the perfect gem the next, then settle both on the same day. But we live in the real world where that's not usually the case. If you end up buying first, there are two kinds of bridging loans you could go for:
Open-ended bridging
This is when you buy first and intend to sell, but haven't sold yet. Banks are reluctant to do open-ended bridging unless you are in a strong enough financial position to support both mortgages.
Closed bridging
This is when you buy, and before settlement, your existing house is sold under unconditional contract but is yet to settle. This is generally easy to finance.
Moving homes? JB explains what happens to your mortgage in just over 2 minutes
FAQs
Buying and selling at the same time can feel like a balancing act, but with a little planning, it's totally manageable. We've answered a few questions to help guide you through the process.
More lenders, more options
Chat to a mortgage whiz
Not sure where to start? Book a chat and we'll give you a call to talk through your situation, and provide advice for your next move.
Have a gander at our blogs
You'll find some useful insights on the joys of moving house.
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After some advice?
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Don’t just take our word for it
Madhu P
New Zealand
We've worked with Ange and the team at Squirrel more than once now, and every time they've been absolutely fantastic. This time was no different, they looked after us from start to finish with the same professionalism, attention to detail, and just the right amount of hustle behind the scenes to make everything run smoothly. What I appreciate most is how they take the stress out of the process. I just tell them what we're trying to do, and they take care of the rest: crunching the numbers, dealing with the bank, and coming back with a clear plan. It means we can focus on the bigger picture without getting bogged down in the details. Even with a few curveballs from the bank this time, Ange and her team kept everything on track and moving forward. We managed to get both the sale and the purchase done without any delays or issues, which is exactly what you want in these situations. When we think about getting a loan, we think about Ange and the team, and no one else. I genuinely don't want to deal with any other company. They've earned that level of trust.
Suzanne
New Zealand
Sudam was great to deal with. I had already met with another broker and hadn't been happy with the interaction. Sudam's approach was completely different - he was really nice to talk to, very clear about the options and process, and made the whole thing easy for us. Sudam communicated well throughout and we're very happy with the outcome of switching our mortgage.
Guy
New Zealand
Very easy to deal with.
James
New Zealand
Fantastic to deal with, makes everything very effortless and provides great advice