Onwards and upwards. Are you an upgrader?

An upgrading loan is a type of loan that can help you finance the purchase of a larger home. This type of loan can be used to upgrade your current home or to purchase a new home altogether.

The requirements for an upgrading loan will vary depending on the lender. However, most lenders will require that you have a good credit score, a steady income, and a down payment of at least 20% of the purchase price of the home.

There are several benefits to using an upgrading loan. First, this type of loan can help you get approved for a larger loan amount, which can give you the flexibility to purchase a more expensive home. Second, upgrading loans typically have lower interest rates than other types of loans, which can save you money on your monthly payments. Third, upgrading loans can be used for a variety of purposes, such as home renovations or debt consolidation.

There are a few risks associated with upgrading loans. This type of loan can have shorter repayment terms, which can make it difficult to make your monthly payments if your income changes. They are a major financial commitment, so it’s important to make sure you’re financially prepared before you apply.

To learn more about what upgrading loans can do for you, fill out our contact form to receive information tailored to your circumstances.

To apply for an upgrading loan with Simplify Finance, book a call with us to discuss your financial situation. This will allow us to assess your lending options and tailor a solution to your needs. You will also be required to provide supporting documentation such as your income and bank statements before we submit any application on your behalf. If you are approved for an upgrading loan, Simplify Finance will work with you to find the best lender for your needs. Once you have chosen a lender, Simplify Finance will guide you through the loan process.