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So, You Want to Upsize Your Home – Here’s How to Do It

If you have outgrown your current property and are ready to look at your options to “upsize”, there are a few options available to make it happen. Depending on your circumstance, it can be straightforward but there are many factors to weigh up before you decide which direction you wish to take.

Your mortgage broker is a great first port of call to decipher what is a good choice for you, but we have compiled a breakdown of the ways in which you can buy and sell at the same time.

 Sell Your Current Property First

This seems to be the most obvious strategy but not always the most logistically feasible.


You will eliminate some “what ifs” from the equation. By selling your home first you won’t feel pressured to take an offer on your current property because you have another purchase contract in place.

You will know exactly what your equity position will be once the sale has settled and your proceeds are through.


You will have to have a contingency in place as to where you will live, whether it be renting another property or another should term accommodation option like staying with friends or family, the latter being not always an ideal option.

The other negative could be finding your dream home and it selling before you are in a position to make an offer.

Bridging Finance

Bridging finance is a short-term home loan that finances your new purchase while you are in the process of selling your existing property.


You can secure your new home prior to selling your current one.

Will mitigate the need to finding short-term living arrangements between homes.


It is only possible to estimate what your final loan amount will be as you won’t know exactly what you sell you house for until there is a contract in place and the market value may not be in alignment with your expectations.

You will be liable to pay interest on both loans during the bridging period so the repayments may put added pressure on your finances.

Subject To Sale Offer on New Property

This option is where you put an offer on a property, but it is contingent to you securing an unconditional contract on yours. Often the seller will impose a 48-hour clause, whereby if a more attractive offer is presented to them, they will give you 48 hours to go unconditional or your contract will fall over.


You can secure your new home and give yourself time to sell your existing property.

You do not have to consider the bridging finance option which can be expensive.


Until your existing property sells and you know what equity you will have for the new purchase, you won’t know what your final home loan will be.

The subject sale offer is not usually considered as attractive to sellers as there is another layer to the transaction.

If the seller enacts the 48hour clause, you may have the contract pulled out from underneath you without warning.

You may feel pressured to accept an offer on your existing property lower than you would have liked as time is of the essence.

Keeping Your Current Home as an Investment Property

This may prove to be the least logistically challenging option but keeping your current home as an investment could also be viable. It’s advisable to liaise with your accountant or financial advisor first, but even if it may not be the optimal long-term solution, it may, in the short term get you into the property you want with the intention to review in the future.

There are many ways you can go about transitioning from a starter home into your next home. Your mortgage broker will be able to explore what option may be the preferred one for you and will be a valuable ally throughout the process.

Contact the Blackburne Mortgage Broking team if you need guidance on anything relating to getting into your dream home.

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Take control of your finances and start paying less on your mortgage today. With our no cost, no obligation review of your existing loan, our expert mortgage brokers will analyse your current loan and provide you with a tailored solution to help you save on interest and pay your loan off quicker.

Paul Prindiville


0438 196 695