Moving House
Changing properties is a bit more complex than it was buying your first home. You might have questions like "should i buy or sell first?" and "what happens to my mortgage when I move?"
If you’re looking at getting into your next home, talk to us first. It’s a great time to review your financial position and make sure you’re getting the best possible deals and advice.
When you're considering a move, there's a lot to think about. We can help.
- Should you buy or sell first?
- How do you sort out bridging finance?
- What IS bridging finance?
- Should you pay to stage your home for selling? How do you choose a good agent?
We'll answer these and more. Our brokers are here to make the process easier, so you can spend more time on the important stuff like searching for your next dream home.
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
is where you buy first and intend to sell (but haven't sold yet.) Banks are reluctant to do open-ended bridging finance unless you are in a strong enough financial position to support both mortgages.
Closed bridging
is where you buy, and before settlement your existing house is sold under unconditional contract but is yet to settle. This is generally easy to finance.
JB explains what happens to your mortgage when moving in 2 minutes and 5 seconds
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.
More lenders, more options
Should you buy or sell first?
What comes first, the chicken or the egg? It can be a bit of a juggling act. Lets weigh up the pros and cons.
Have a gander at our blogs
You'll find some useful insights on the joys of moving house.
NZ property market update - November 2024
Between the US elections, and our final OCR announcement of the year in just a few weeks, November's shaping up to be a big one. Here's the latest from Squirrel founder, JB, on what's been happing with interest rates, the housing market, and wider economy over the last few weeks.
Wellington property market update - November 2024
Ahead of our final OCR announcement of the year, Squirrel mortgage expert Nick Virtue shares his views on what's been happening with interest rates, the wider economy, and the Wellington housing market over the last few weeks.
Rodney’s Ravings: Is inaccurate Stats NZ measurement behind the puzzling resilience of household spending?
Despite consumer confidence falling to all time lows in recent years, the impact on household spending—as reported by Stats NZ—has been surprisingly muted. In his latest article, Rodney Dickens dives into the numbers to work out what's behind the puzzling results.
After some advice?
We're here to help.
Don’t just take our word for it
Raj
New Zealand
Jessica was/is absolutely a pleasure to work with. She works 100% for her clients, a no-nonsense person with precise recommendation. Thank You Jessica
Jo
New Zealand
Highly recommend Squirrel to sort out a mortgage with the banks takes the hassle out of going to separate banks with so much information they do the hard yards for you - Baz was a superstar and helped me all the way to my new home.
Kat
New Zealand
My Adviser Cade was so awesome!! He was very knowledgeable and made the whole process very easy for me. I am also really happy with the mortgage deal he got for me and how quickly everything was arranged and completed. Will definitely be using Squirrel again.
Anonymous
New Zealand
Very happy with Jessica Carr! Easy to talk to and always happy to answer questions.