Five top tips when you're moving house

Five top tips when you're moving house

You’ve used a home loan calculator, arranged your property finance, signed a contract of sale and are gearing up to shift from one property to the next, and here comes the fun part – moving!

While this is an exciting process, it can be one riddled with nerves. While you’re counting down to settlement day, there are numerous things to do, all while everyday life ticks on. 

“Detached house sales increased by 2.6 percent in the June 2014 quarter despite falling in the final month. That is a healthy note on which to finish the fiscal year,” explained Harley Dale, HIA Chief Economist.

If you’re making the move, be sure to follow this handy checklist. While a home loan calculator can help you scoop up a competitive home mortgage, careful planning will ensure the moving process runs as smoothly as possible.

Book removalists

If you’ve got a busy schedule during the working week, chances are you plan to move into your new home on a Saturday or Sunday.

Ask family, friends or work mates for recommendations about the best removalists, seek a few quotes then book ahead with your preferred company so you can secure the right time for your circumstances.

Do some of the legwork

You can avoid making a painful dent in your savings account by packing up household items yourself, rather than getting removalists to do so. Simply leave the heavy lifting to them.

Reduce the stress by getting started early — once you know what your settlement date is, start packing away items you won’t need over the coming weeks, such as off-season clothing and infrequently used kitchenware.

Arrange insurance

You’ll need to arrange home and contents insurance for your stunning new home. 

Don’t make this a last minute job — call your existing insurance company to find out when you should take out a policy for your new property. If you think you’re paying too much for your existing coverage, it might be a good time to switch providers.

Drain the pantry

Moving can be expensive, so it’s important to cut down on unnecessary transport of goods.

In the week leading up to moving day, use up what’s left in your fridge, freezer and pantry, rather than doing grocery shopping. You’ll be surprised at what you can whip up without having to venture to the supermarket.

Remember to defrost and aerate your fridge the day before moving day, too.

Check out that area code

Whether you’re moving a few blocks down the road or from one side of the country to another, be sure to pay a visit to your local post shop. 

Australia Post offers a mail redirection service — letters and bills will be redirected to your new address for one, three, six or 12 months, per your request.

It’s a smart idea to start recording the mail you receive, so you can inform friends, families and companies of your new location.

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Learn more about home loans

What is bridging finance?

A loan of shorter duration taken to buy a new property before a borrower sells an existing property, usually taken to cover the financial gap that occurs while buying a new property without first selling an older one.

Usually, these loans have higher interest rates and a shorter repayment duration.

What factors does Real Time Ratings consider?

Real Time RatingsTM uses a range of information to provide personalised results:

  • Your loan amount
  • Your borrowing status (whether you are an owner-occupier or an investor)
  • Your loan-to-value ratio (LVR)
  • Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
  • Product information (such as a loan’s interest rate, fees and LVR requirements)
  • Market changes (such as when new loans come on to the market)

What happens to your mortgage when you die?

There is no hard and fast answer to what will happen to your mortgage when you die as it is largely dependent on what you have set out in your mortgage agreement, your will (if you have one), other assets you may have and if you have insurance. If you have co-signed the mortgage with another person that person will become responsible for the remaining debt when you die.

If the mortgage is in your name only the house will be sold by the bank to cover the remaining debt and your nominated air will receive the remaining sum if there is a difference. If there is a turn in the market and the sale of your house won’t cover the remaining debt the case may go to court and the difference may have to be covered by the sale of other assets.  

If you have a life insurance policy your family may be able to use some of the lump sum payment from this to pay down the remaining mortgage debt. Alternatively, your lender may provide some form of mortgage protection that could assist your family in making repayments following your passing.

How does a redraw facility work?

A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.

How much information is required to get a rating?

You don’t need to input any information to see the default ratings. But the more you tell us, the more relevant the ratings will become to you. We take your personal privacy seriously. If you are concerned about inputting your information, please read our privacy policy.

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

What is the average annual percentage rate?

Also known as the comparison rate, or sometimes the ‘true rate’ of a loan, the average annual percentage rate (AAPR) is used to indicate the overall cost of a loan after considering all the fees, charges and other factors, such as introductory offers and honeymoon rates.

The AAPR is calculated based on a standardised loan amount and loan term, and doesn’t include any extra non-standard charges.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

Does each product always have the same rating?

No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:

  • Lenders have made changes. Our ratings show the relative competitiveness of all the products listed at a given time. As the listing change, so do the ratings.
  • You have updated you profile. If you increase your loan amount, the impact of different rates and fees will change which loans are the lowest cost for you.
  • You adjust your preferences. The more you search for flexible loan features, the more importance we assign to the Flexibility Score. You can also adjust your Flexibility Weighting yourself, which will recalculate the ratings with preference given to more flexible loans.

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

What is a valuation and valuation fee?

A valuation is an assessment of what your home is worth, calculated by a professional valuer. A valuation report is typically required whenever a property is bought, sold or refinanced. The valuation fee is paid to cover the cost of preparing a valuation report.

How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

Mortgage Calculator, Loan Term

How long you wish to take to pay off your loan.