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

Australian Property Podcast

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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