What you need to know before you make a seachange or treechange

Moving out of the city to the coast or the country is a dream for many people. But before you jump in and buy a property in your ideal location, there are a few things you should think about.

Moving out of the city to the coast or the country is a dream for many people. And the COVID crisis has made many of us think now might be the time to make the move and shown us that working from home is possible for many jobs. But before you jump in and buy a property in your ideal location, there are a few things you should think about.

Rent before you buy

Living in regional Australia is very different from spending a weekend there, says Veronica Morgan, co-founder of Home Buyer Academy. You won’t know what’s important in an area and the pitfalls until you’ve lived there for a little while. It will also give you a chance to start thinking about things you wouldn’t consider when buying a house in the city: Will heavy rain affect the road access? Is there a good broadband connection? Does the property get town services, such as garbage collection?

Consider capital growth

Renting provides a chance to reset your property expectations from a “city sensibility”, says Morgan. Many people from large expensive cities overpay because regional property looks so cheap in comparison to Sydney or Melbourne. But the more you pay, the lower your capital growth. Another consideration for the long-term value of your seachange or treechange home is the local industries. A town that relies solely on tourism is very susceptible to a downturn in travel, just as a mining town is vulnerable to the mine shutting. Regions with universities or hospitals support the local population with good incomes and so should help underpin capital growth.

Sort out your employment

There’s another good reason to rent before you buy. The number one thing a lender will look at when considering your mortgage application is your ability to make the mortgage payments. You will need to demonstrate that you have a stable income that can cover the repayments. If you have a job which you can keep doing from the new location then lenders would be satisfied with a letter from your employer stating that. But if you’re moving to a new location and looking for a job, then you might have to rent first until you find a job and then buy a new home and take out a mortgage. Most new jobs have a probation period of three to six months, in case the new position doesn’t work out, and this lack of job security can concern lenders. Many lenders will be comfortable if your new job is in the same industry, but if you’re switching careers they might be concerned. You should get advice from a UNO broker before making any move

Consider your financing options

If you’re selling your home in the city to buy in the country or on the coast, then your financing options are relatively straightforward. But if you are in a position where you can hold onto your city house, perhaps because you have already paid off a large amount, then you have other options. You could also consider refinancing to free up some capital. A quick and easy way to check if you could be saving is by checking your loanScore. It takes two minutes, and could save you thousands of dollars. Check your loanScore now.Akin says you could use the equity in your current home to help fund the new home purchase, so you wouldn’t need to find cash for a deposit. There are different ways you can do this, which will have different tax implications so it’s a good idea to get expert advice from a financial or tax expert and talk to your mortgage broker. Book in a quick call with our customer care teamA seachange or a treechange is a great opportunity to create the sort of lifestyle you want and if you take your time and do your research you’ll be sure to get the most out of it. Book a call in with UNO

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Sally Mackenzie
February 19, 2024
We chose Uno Home Loans from their impressive web site knowing we were going to find it hard, on many fronts, to qualify for a home loan. We were incredibly fortunate to be assigned Mike Parsons as right from the get-go, despite the complexities, he hit the ground running for us. He was incredibly knowledgeable, with years of experience but what was immediately apparent and impressive was that he was totally invested in getting us over the line, doing absolutely everything possible, including working around the clock. Despite it being a relatively small loan in the order of things, Mike never missed a beat, getting docs ready, following up and answering every request from the proposed funder immediately. He kept us informed on progress the minute anything happened, and again if anything needed to be done, he was right on it. In short, we highly recommend Uno, and Mike, knowing what a remarkable job he did, over many weeks, to get us our loan. He got us a great deal, with far better rates than we expected, so we couldn't be happier. In fact, without doubt, you'd be hard pressed to find a more personable, sharp, hard working, dedicated professional who clearly prides himself on getting his customers standout results.
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Scott and his team were just A-mazing. We felt supported through the whole process with the greatest quality and care. Every question answered right in time, or even before we asked. The process was smooth and we got the best outcomes we could have wished for.
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Angela Biddle
February 6, 2024
Our mortgage recently came up for renewal, and with interest rates skyrocketing we were looking for ways to minimise the impact. Michael and his team were proactive and attentive. Michael spent time with us to understand our circumstances. He found mortgage options that worked with our current financial situation and longer investment plans. He presented clear options, providing guidance where needed. He and his team were helpful and responsive - streamlining the process and keeping us updated through the negotiations. In the end, Uno did the heavy lifting and secured a significantly better rate than our current bank offered, all with friendly, personal service. We would highly recommend UNO Home Loans.
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Fotis Bikas
January 15, 2024
I cannot help but congratulate Scott Wilkinson of UNO Home Loans for being an absolute credit to both his company and the entire loans industry. Scott is a truly rare gem of a broker in that he will not only go the extra mile to achieve for each customer the very best deal, but his knowledge of all and sundry within the industry is unsurpassed (you will see what I mean if you speak to him). Additionally, Scott has a clear passion for imparting his wealth of information with each customer, whereas the conversation with most other brokers would simply be over if they could not get you the best deal. For me, Scott Wilkinson of UNO Home Loans stands head and shoulders above the competition and I feel privileged to benefit both from his expertise and professionalism whenever it is time for a refinance or new loan.
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Tomoharu Matsui
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Michael Parsons helped me a lot when it's difficult to establish my capabilities in loan.
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Gillian Kearon
January 9, 2024
I highly recommend Mike Parsons as a mortgage broker. I couldn't fault the service provided by UNO. Thanks Mike!
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Taner T
December 20, 2023
Thank you Eren Tan for the amazing service and support. Our Loan was a little tricky and complex for other lenders but Eren managed to get it over the line in record time. His professionalism and dedication to our needs was exceptional. If you need a Loan no matter how complex your situation, make sure you contact Eren at UNO Home Loans.
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Karaipu Brown
December 20, 2023
Buying & selling a house at the same time is very stressful but Scott Wilkinson from UNO home loans made sure we knew what was happening & took most of the stress away. He always kept us up to date and if we had a concern or wanted clarification on something we were able to call him, if he didn’t know the answer straight away he will find out and contact us back.. now we are enjoying our new house and turning it into a home :)
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Chris Anderson
December 18, 2023
Just completed my first loan with UNO which was so much easier than with other other brokers I have used in the past. Our broker MIKE PARSONS always had time for me and broke things down for me in the simplest of terms and was very patient with my silly questions and my constant changing of plans. I wish I had used them in the past as I wouldn't be in the situation I'm in now. Can't recommend them highly enough. Thanks UNO and Thanks MIKE 😊
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Stephen Broomfield
December 11, 2023
To be able to recommend Scott Wilkinson for your mortgage broker was a privilege. We had deals fall through but Scott supported, guided and stuck with us, proper partnership. The whole team at UNO helped us and supported us right through to after settlement. Made sure everything was correct and how we are progressing. Communication was amazing and straightforward and easy to understand. Transparent. We can not Recommend Scott and the team as Uno high enough. Use UNO with confidence.
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Tarek Hussain
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Can't thank Amy enough for her hard work, dedication and determination on getting multiple loans completed for me. I wouldn't hesitate in recommending Amy and the Uno team to any of my associates. Will definitely be back in the near future!
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November 3, 2023
If you’re looking for a trustworthy, thorough, reliable & knowledgeable Mortgage Broker then you must call Anita Callaghan! I can’t even imagine how stressful this process would’ve been without her. Anita went above and beyond to make sure she answered every question, responded to every text (even on weekends/after hours), and followed up on every detail to ensure we had all the info we needed. Anita is a true people person who is warm, empathetic, kind and supportive. You can tell she loves helping people and loves what she does, which is probably why she’s so good at it! Can’t thank you enough Anita, or recommend you more highly! You’re the best!
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