If you’ve outgrown your current home or it no longer meets your needs, you may be facing the decision to renovate or relocate. For many, upsizing is a practical solution to gain the space and features required for a growing family or changing lifestyle. At Intuitive Finance, we provide expert guidance on using the equity in your existing home to fund a new or renovated home, which is more suitable to your current needs. We partner with over 30 lenders to match your goals with the perfect financing options.
With the right guidance, you can confidently take the next step towards a new home that meets your current lifestyle.
Let us help you turn your upsizing dream into reality.
Making Space for Your Future
Deciding whether to renovate your current home or relocate to a new one can be challenging. Renovating may seem overwhelming due to unknown costs, potential structural issues, living with builing works, and the risk of overcapitalising. If you prefer your current location but need more space or modern features, a knock-down/re-build might be the option for you. Alternatively, relocating can provide a fresh start in a new area, such as moving closer to your children’s school.
Considerations for Renovating
- Living arrangements during works
- Potential structural issues
- Risk of overcapitalising
- Staying in your preferred location
- Knock-down/rebuild option
Considerations For Relocating
- Costs of selling your current home
- Costs of buying a new home
- Stress of moving house
- Moving to a new area (e.g. proximity to schools)
- Fresh start in a new location
Prepare for Home Ownership
Home Loan Options For Upsizers
Bridging Loan
A bridging loan can help you finance the purchase of a new home while selling your existing property. This type of loan provides the necessary funds to buy your new home before you sell your current one, ensuring a smooth transition without the pressure of aligning settlement dates. Bridging loans typically cover the purchase cost of the new property, the remaining mortgage on your current home, and any additional costs involved in the transition.
Construction Loan
If you’re considering a knock-down/rebuild, a construction loan can provide the necessary funds to build your new home. Construction loans are specifically designed for the building process, offering flexible drawdowns to cover each stage of construction. These loans typically have interest-only repayment terms during the construction period, transitioning to standard home loan terms upon completion. This ensures you only pay interest on the amount drawn down, helping to manage your cash flow throughout the building process.
Most Common Loans For Property Upsizers
When upsizing your home, two primary types of loans are most commonly used to finance the process. These options remain relevant whether you’re leveraging the equity in your current home or managing the financial transition to a larger property.
Fixed Rate Home Loan
A Fixed Rate Home Loan provides stability by locking in the interest rate for a set period, typically between one and five years. This predictability allows you to plan your finances with confidence, knowing that your repayments won’t fluctuate regardless of changes in interest rates
Variable Rate Home Loan
A Variable Rate Home Loan offers flexibility by allowing the interest rate to fluctuate with market conditions. This means that if interest rates decrease, you could pay less interest on your loan balance, potentially lowering your overall loan cost.
Streamlined Property Upsizers Financing Steps
Consult
Our mortgage brokers will start with an initial consultation to understand your needs and goals.
Gather
Next, we’ll collect the necessary information to confirm your financial status.
Review& Propose
We’ll review your financial position and present a tailored proposal with the best options for you.
Agree & Implement
Together, we’ll complete the application paperwork, negotiate with lenders, and make any necessary adjustments.
Complete
We’ll finalise the approvals and arrange for you to sign the formal paperwork.
Settle
Finally, we’ll coordinate the settlement process, ensuring everything goes smoothly.
Lifestyle Upsizing Stories
Andy and Sharon
Upsizers
Andy and Sharon are the parents of two children who recently completed their secondary schooling. They were looking to move from their 1950s suburban family home into a new property.
Donna and Ian
Self-Managed Super Fund
Donna and Ian had built up significant balances in their superannuation funds over their working lives. They were looking to generate enough surplus cash to service a loan on an investment property.
Our Commitment to the Community
With every loan we settle, you can choose to support Challenge – supporting
kids with cancer, the Movember Foundation, or the Lungitude Foundation.
We donate $20 to your chosen charity and make annual contributions. It’s our
way of giving back and helping those in need.