Home loans customers 'should sell before buying'
Article by Mozo
People hoping to get home loans to enable them to move to a bigger house should not purchase a property before they have sold their existing one.
This is the opinion of real estate expert Anthony Toop, who stated that this practice is only appropriate when there is a boom market.
"Right now there is certainly no shortage of beautiful homes available and this approach to transacting property makes little sense," he asserted.
Mr Toop noted that there are risks involved in acquiring a second property before the old one has been sold on.
Those who may be starting to compare home loans and think about the acquisition of a new property were warned that the only thing they can rely on is the "cold hard cash from a completed sale".
John Symond, managing director of Aussie Home Loans recently told News.com.au that there is currently a buyers market, as fewer people are opting to compare home loans.
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