Perhaps there is an obvious answer, but I wanting to understand the mechanics of purchasing a new house (upgrade) when you already have a mortgage on your first/only home.
When I purchased my first home I simply got pre-approval from the bank with zero conditions which made purchasing our first home fairly simple.
Fast forward 4 years and I'm interested to upgrade, but would need to sell my current house to afford anything in Auckland.
Does that simply mean I'm limited to negotiation and pre-auction offers?
Or is there another way to get pre approval that takes into account me selling my current home? I.e sell mine first with lengthy settlement date and hope I can find another quickly before prices jump again?
And given prices are where they are, do people get new loans just to help cover the deposit on the next place?