Portability

If you’ve got your home loan set up just the way you like it - on a fixed rate, for example - you don’t want to have to change it.

Well, you don’t have to. You can take your home loan with you to a new property when you sell your old one - it’s called ‘loan portability’.

However, there are a couple of tricks to doing this:

1. Exchange and settlement for both properties need to occur on the same day and at the same time

2. The loan amounts cannot change - if you need extra funds you will need to make a new home loan application

3. You’ll need to provide evidence of the Contract of Sale and the Contract of Purchase

4. Valuation must be completed showing acceptable security within the parameters of Loan to Value (LVR) Ratio

5, A new mortgage document needs to be issued with the details of the new property and registered. Fees and charges apply.

If this sounds like something you would like to do then call 13 12 21 Monday to Friday, 8am to 7pm or Saturday, 9am to 3pm