With the kids gone, the family home with the big back yard and four bedrooms is really more than you need. Downsizing is an option taken by many every year.
|Know the true cost of the switch|
Selling the family home is one way empty nesters and retirees can boost their available cash reserves, but it’s not the only reason to downsize.
The house may simply be too big or you could be looking to make a sea or tree change.
But if you’re selling to access funds to enhance your lifestyle, make sure the finances stack up. Sadly, in some cases people sell a home they love, only to find they’re not as well off as they thought.
This can be particularly so if they make the decision to buy the new property before they sell and then don’t get the price they’d hoped for.
Do your sums and consider all the costs of the change over.
It all adds up and this list is by no means complete.
Ideally you’ll do your research, have a good idea of the likely selling price for your home and what you’ll need to pay for the new place.
|How we can help|
Downsizing can be a great option and it can also have its pitfalls. To help you make the most of this potential move talk to us.
An A-Z Review® with an ANZ Personal Banker: selling a home is a great time to review your overall finances. Our Personal Bankers could help you:
An ANZ Financial Planner can help you determine if selling your home and downsizing is the right strategy from a financial point of view by analysing the impact to your investments of any additional lump sum.
ANZ Home Loans: An ANZ Home Loan specialist can help you explore your options and find the right solution to suit your needs. And remember, ANZ is Australia’s most awarded home lender2. Contact us today.
1. ANZ Home Insurance and ANZ Landlord Insurance is co-issued by OnePath General Insurance Pty Limited (ABN 56 072 892 365, AFSL 288160) ('OnePath General Insurance') - phone 13 20 62, and QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) ('QBE') - phone 13 37 23. Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) ('ANZ') is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath General Insurance is owned by ANZ – it is the issuer of the product but is not a Bank. This product is not a deposit or other liability of ANZ or its related group companies and none of them stands behind or guarantees the issuer. The information provided is general in nature and does not take into account your personal needs and financial circumstances. You should consider whether ANZ Home Insurance is right for you by reading the ANZ Home Insurance Product Disclosure Statement (PDF 828kB) or ANZ Landlord Insurance Product Disclosure Statement (PDF 628kB) before acquiring or continuing to hold the product, which is available by visiting any ANZ branch, by calling 13 16 14 or by visiting the ANZ website.
2. Money magazine Home Lender of the Year Award 2010, 2008, 2007, 2006 and 2005, and AFR Smart Investor Magazine Home Lender of the Year Award 2005, 2004, 2002, 2001, 2000 and 1999. Australian Lending Awards, Mortgage Lender of the Year 2011 and Best Investor Lender 2011. The Australian Lending Awards is an independent initiative of The Adviser and specialist research and advisory firm RFI.
All applications for loans are subject to ANZ’s normal credit approval criteria. Terms and conditions, fees and charges apply. Terms and conditions are available on application.
® A-Z Review is a registered trademark of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522.
ANZ Financial Planners are representatives of Australia and New Zealand Banking Group Limited, ABN 11 005 357 522, the holder of an Australian Financial Services licence.
The information provided is general information only and does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you. Before making any decision to acquire, hold or sell any financial product, ANZ strongly recommends that you seek financial planning and/or tax advice and read ANZ’s Financial Services Guide (PDF 104kB), the relevant Product Disclosure Statement and/or Terms and Conditions.
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