Just as many first time buyers dream of owning their own home, many home owners may find they soon start fantasising about moving to a bigger house.That can be for a number of reasons. Perhaps a young family has added a few new members since purchasing their home. As a result things might be starting to feel a wee bit cramped.

The same goes for a young married couple who live happily enough in a small one-bedroom apartment but are now planning on starting a family.

Space is a big factor for many who choose to upgrade homes, but it is not the only one.

Many find that after a few years living in their first house, they would now like to live in another location. It may be that career changes or opportunities are beckoning in another city or simply that there is a wish to move to a different suburb.

Home owners with young children approaching school age may use the opportunity of upgrading to a bigger house to find a property zoned for schools they wish to enroll their kids in.

Whatever your reason for wanting to upgrade, the good news is that all that hard work you’ve been putting into meeting your monthly home loan repayments has not been in vain.

If you have been paying your mortgage back for a decent amount of time, you will have started to build up decent equity in your property.

This can help you to secure a more favourable mortgage finance deal than the one you could get for your first home loan.

One of the best things you can do to find out exactly how much your borrowing position has improved is to seek the advice of an independent home loans expert such as us.