Selling & buying - financial considerations.
There is more to buying and selling than comparing the sale price of your current home with the cost of your new one. Here's some of the other costs you might like to consider.
Key financial considerations.
What’s your home worth?
Understanding what your home is worth is an important starting point. Here are some ways to get an idea for what your home could sell for:
- Find out your rateable value
- Talk to local real estate agents
- Look at recent house sales in the area
- Get a valuation.
Things to keep in mind when selling
Take your home loan with you
When you buy a new home you can usually take your home loan with you, keeping the same rate and term without paying any additional costs.
Increasing your loan size
If you’re upsizing or moving into a more expensive area it’s possible your new repayments may end up larger than your current repayments, especially if you don't get the price you want from the sale of your current home. It's important to make sure you are comfortable with the increased repayments and that your loan still suits your needs. Use our repayment calculator to see what your repayments on your new home could be.
When there's a gap between when you sell and buy
If there’s likely to be a gap between buying your new home and the sale of your current home, we may be able to help. We could increase your home loan for a short time. Or, we could help with bridging finance, which is a short term interest-only loan to ‘bridge’ the gap when you have mortgages over two homes. To discuss your options get in touch with us.
Not planning to buy again?
If you're not buying another home and your existing home loan is repaid with the money from the sale of your home, we work with your lawyer to arrange the repayment of your loan and the discharge of your mortgage. If you have a fixed interest rate there may be a break cost to pay off the loan early.
If you have a large lump sum left over from your sale, you may want to consider getting some financial guidance. Our Financial Advisers are experts in financial wealth and can help you put steps in place to achieve your financial goals. Find out more.
Cost of moving
Real estate fees
The seller usually pays the real estate agent when the house sale becomes unconditional. Agency fees and costs can vary quite a bit, with three different ways of charging:
- Commission plus a base rate
- Fixed price.
You may also have other costs such as advertising, which you may need to pay even if the home doesn’t sell.
Moving costs and insurance
Moving costs vary considerably. Professional movers helping you move within the same town or city could cost up to $3,000. The cost will also depend on how much of the packing you do yourself and whether you need storage.
Most contents insurance policies don’t automatically cover your belongings during a move, so consider asking your insurer for extra cover on the day.
* Min 20% equity, plus salary credit to a Westpac transaction account. Not available with any other Westpac home loan offers, promotions or package discounts, or the Westpac Choices Home Loan with Airpoints™. Loans for business or investment purposes excluded.
Get in touch.
Meet with an expert
Our Mobile Mortgage Managers can come to you, when it suits you best.
Talk to us
Call us any time from 8am – 6pm weekdays, 9am – 3pm Saturday.
Make an appointment to talk to a home loan expert in branch.
Things you should know.
1 Conditional approval requires a credit check and confirmation of the details provided in your application. Other conditions may also apply depending on the nature of your application.
Disclosure statements under the Financial Advisers Act are available free of charge on request from Westpac or your Westpac financial adviser.
Interest rates are subject to change without notice. Westpac's home loan lending criteria and terms and conditions apply. An establishment charge may apply. A low equity margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria.