Downsizing to Double Bay: Sale, Purchase and Finance Checklist

Moving to a smaller home in Double Bay can change your housing costs, debt and available cash. Start with the net outcome of the whole move, rather than assuming the difference between two property prices will be money left over.

Brampton Finance helps borrowers compare suitable loans and prepare the transaction. Our Double Bay mortgage broker page explains the local service; this guide focuses on a sale and purchase where downsizing is part of the plan.

Work from net sale proceeds

Estimate the sale proceeds after the existing mortgage payout, selling costs and other amounts due. Separately list the purchase price, duty where applicable, legal work, inspections, moving costs and a cash buffer.

Check expected ongoing costs at the new property, including strata levies, rates, insurance and maintenance. A smaller property does not automatically mean every expense will be lower. Obtain property-specific figures and advice before relying on the budget.

Coordinate sale and purchase settlement

Explain whether your existing home is sold under contract or only being prepared for sale. Provide the proposed settlement dates and any conditions. An appraisal and an expected sale date are different from available settlement funds.

If you want to buy before selling, review bridging finance as a separate proposal. Discuss peak debt, interest, costs, expected sale proceeds and the loan remaining afterwards. Allow for a delayed sale or lower proceeds; approval and an extension should not be assumed.

Assess any ongoing mortgage

Provide income, expenses, current debts and the amount you expect to borrow after the sale. Tell your broker about planned changes to work or retirement income so the proposed repayments and term can be assessed on relevant evidence.

For buying preparation, see home loan options and conditional pre-approval. Pre-approval does not guarantee final approval for the chosen property. If you are keeping an existing property, explain its intended use and review investment lending separately.

Get advice on the wider consequences

For an apartment, arrange appropriate strata and property checks with your advisers. Have the contract reviewed before you commit. If retirement planning is involved, obtain advice on how the move and sale proceeds affect your wider finances.

Moneysmart’s downsizing guide explains costs and benefit considerations. Ask an appropriate adviser about tax, superannuation or government payments rather than treating a home loan discussion as retirement advice.

Explore the Eastern Suburbs overview, suburb directory and Woollahra income preparation guide.

Discuss your Double Bay finance plans or call 02 9389 1077. We act as your broker; the selected lender makes the credit decision. General information only. Finance is subject to assessment and approval.