Buying again brings a few extra moving parts. Work through your current mortgage, sale proceeds and purchase timing before setting the budget for your next home.
Make room for the next chapter, with a clear view of the costs.
/01Sale proceeds
/02Buying and selling timing
/03The next loan
Which move comes first?
Compare the timing before committing.
There is no single order that suits everyone. Start with the funds, dates and commitments each option would leave you managing.
/01
I could sell first.
More certainty about your funds
Once your sale settles, you know the proceeds left after your mortgage and selling costs. Allow for temporary accommodation, storage or a second move if the next home is not ready.
/02
I want to buy first.
Plan for the overlap
You may secure the home you want before selling, but need to fund the purchase and hold both properties temporarily. Bridging or other finance is subject to suitability, availability and lender assessment.
/03
I might keep my current home.
Include both properties
Retaining your home means accounting for its debt, property expenses and any expected rent alongside the next purchase. Speak with a qualified tax adviser before changing how the property is used.
Your next-home budget
The sale price is not your available deposit.
Build the funding position from the money that will actually be available, then allow for the costs of buying again.
From the expected sale price, allow for the mortgage payout, agent and marketing costs, legal fees and any discharge or fixed-rate break costs. Estimates may change before settlement.
02Add the funds you can contribute
Include savings you intend to use, while keeping an allowance for emergencies and moving costs. A property value estimate is not cash available for settlement.
03Allow for the next purchase
Budget for stamp duty, conveyancing, inspections and other purchase costs as well as your deposit. Include any period with two sets of housing expenses.
04Check the new repayments
The lender still assesses your income, expenses and commitments. Having equity or selling a property does not by itself establish how much you can borrow.
Do not rely on an expected sale price or an indicative borrowing estimate as an unconditional funding commitment. Check the financing and legal conditions before signing.
The next steps
Bring these details to your next-home discussion.
A little preparation helps connect the purchase you want with the home and loan you already have.
01
Current home and loan
Have the property details, loan balance, remaining term and current repayments ready. Note any fixed-rate expiry or redraw and offset arrangements.
02
Sale or retention plan
Tell us whether you expect to sell, rent out or are still deciding about your home. Include realistic costs and any agent estimates.
03
Next purchase
Bring a price range, location and property details if you have them. You can begin while you are still looking.
04
Timing and buffer
List the dates you need to meet and the savings you want to retain. Consider what you would do if a sale or settlement were delayed.
Your Wity adviser can discuss the lending position. Your conveyancer and tax adviser handle legal and tax advice respectively.
A little more clarity
Before you take the next step.
A few useful answers. For the details that are specific to you, talk with our team.
General information only. Loan matches and borrowing estimates are indicative, not a recommendation or approval. Credit eligibility criteria, full assessment, terms, conditions and fees apply. Legal, tax and property advice should be obtained from appropriately qualified professionals.
