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About Relocation Loans

A portable home loan lets you take the mortgage with you when moving house. This gives you not just convenience but savings on refinancing fees.

Variable Home Loans

Fixed Home Loans

Bridging Home Loans

Portable Home Loans

Stop worrying that you won’t be able to purchase your new home. Mortgage House has programs to help you become pre-approved for a new mortgage, even if you haven’t yet sold your current home.

Our Home Lending Specialists will help you work through the pre-approval process. You’ll generally need to have:

  • Significant equity in your current home, at least 40%
  • Enough annual income to make the higher loan payments in between the purchase of your new home and the sale of your current home.

A relocation loan provides you with freedom, savings and convenience.

You can use the equity in your current home and your new home to qualify for financing. Relocation loans, also known as bridging loans allow you to look for a new home in a tight housing market or in a new city, without first having to sell your existing home.

When you do find that perfect property, you might need to make an offer or do renovation work before you’re able to even put yours up for sale. Mortgage House relocation loans allow you to make the deposit on your new home and finance the balance at closing.

Relocation loans take the stress and worry out of purchasing a new home when you’re not ready or haven’t yet sold your current home.

Most relocation loans require that you sell your existing property and purchase the new one within a six to twelve-month term. This affords you plenty of time to make the transition into your new home and get things settled.

When you have sold your existing home, the proceeds of the sale will then be applied to reduce the balance on your relocation loan. Our Home Loan Specialists will then work with you to refinance the loan on your new property.

Are Relocation Loans Useful For Me?

Relocation can be a big step. Throwing yourself back in the hands of the mortgage Gods can seem exhausting. There is little doubt that moving is stressful at the best of times, but when it comes to choosing between mortgages for your relocation, we can take the stress out of it for you. There are a few different mortgages that can help you out, and we can make sure you get a deal that suits you. There are two loans that are specifically created for those moving – bridging and portable loans.  If you have found your perfect home and want to grab it before someone else does, but haven’t sold your house, yet a bridging loan can help. We use both properties as collateral until your existing property is sold, and offer you an interest-only loan. Portable mortgages allow you to take the same loan with you during relocation.

What other home loans can I use when I move house?

Traditional home loans can also help when it comes to relocation. Helping you realise your property dreams is what we are all about, and from the time you decide you want to relocate, to the time to move in, and beyond, we have experienced and knowledgeable staff that are the envy of our competitors. It all starts with our variable and fixed mortgages. Our standard and basic variable mortgages offer you flexibility and great rates. Our fixed rate mortgages make budgeting easier, locking in an interest rate for between one and five years.


How much can I borrow?

Finding out how much you can borrow is an important part of making any relocation decision. We believe you shouldn’t worry that you won’t be able to purchase your dream home. Our programs can help you become pre-approved and start putting everything in place to find your new home, even if you haven’t sold your existing one. Our specialists will help you very, very closely, so you have the best chance possible in the pre-approval process. You will need at least 40% equity in your current home and enough annual income to make higher loan payments when it comes to relocation. You will need to make those payments in between the purchase of your new home and the sale of your current one. The hard work really is worth it, because the savings, freedom and convenience you create will be worth it.

What if I need more money during relocation?

During relocation, you might want to do extra work to either house. You might need to do a bit of work on your current home to help it sell, as well as a few renovations to your new one. It’s rare to find a new home that is exactly as you want it to be. That can mean you need a bit of extra cash, and it’s important to factor that in when looking for relocation mortgages. This is one area where our experience and knowhow can help you through the whole process. Relocation mortgages can allow you to make the deposit on your new home and finance the balance of it at closing, which can be important if you are looking to improve your existing home before putting it on the market. This can take the stress out of the time between buying and selling. To successfully apply for one of these loans, you will probably have to sell your existing home within six or 12 months. That can give you plenty of time to get things ready. Once you have sold your old home, the surplus from the sale is  used to reduce the balance on your relocation loan. But our help and knowhow doesn’t end with the settlement. Our home loan advisors can then work with you to find the best deal we can to refinance the loan on your new property. That’s the kind of service we pride ourselves on.

What loans are designed for moving?

As we mentioned above, there are two mortgages designed specifically to help people selling one house and buying another. Bridging loans gives you the convenience of not waiting around for your existing home to sell before you can agree to buy another one. Bridging loans are interest-only loans that use both houses as collateral. As a result, the interest rate can be comparatively high, as you will be paying interest on two houses, until one is sold. Bridging loans can be relatively quick to arrange and not a lot of documentation is required to set them up. On the flip side, bridging mortgages can attract additional fees and costs, which is something to always be aware of. At Mortgage House, we can help in relocation by organising a portable loan for you. Portable loans allow you to take your current mortgage with you when you move house. All your bank details will stay the same, which is always handy, and you can eliminate any mortgage fees, loan stamp duty. All in all, that could save you thousands.

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