June 25, 2024

Upsizing & downsizing: Chris & Amy's guide to making it happen

50 minutes

In this episode of The Australian Property Podcast, Australia's #1 mortgage broker Chris Bates and top buyers agent Amy Lunardi break down the tricky transition of upgrading or downgrading your property.

Topics covered in the Upsizing & Downsizing podcast:

Upsizing:

Using as a strategy – buying entry level now and upsizing in the future – benefits/risks.

Buy or sell first?

Buy first

Don’t know what you’ll sell for = risk

How does bridging finance work?

Settlement periods matter: minimise bridging costs, pressure to buy, short term accommodation

Flexibility of changing settlements (not guaranteed)

Licence agreements/rent backs

Downsizing:

Cheaper? Not necessarily!

I often see downsizers still having lots of ‘requirements’

Single levels, garages, spacious living areas, minimal work required. Consider local demographics

Consult with ATO or financial planner regarding downsizer super contribution options, non-concessional contribution which doesn’t count towards the contribution cap

How do banks consider equity rich cash poor/no income?

Short term accommodation can be stressful / moving twice

~~ Resources you'll love ~~

Mortgage Broking: https://bit.ly/broke-rask

Property Coaching: https://bit.ly/R-P-coach

100-point property checklist (PDF): https://bit.ly/prop-check

Invest with Owen: https://bit.ly/R-invest

Financial Planning: https://bit.ly/R-plan

Accounting with Grey Space: http://bit.ly/3DG5lWS

Business Coaching: https://bit.ly/o-coach

Ask a question: https://bit.ly/3QtiY00

DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

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