Buying Before Selling in South Coogee: Home Loan Planning Checklist

Buying your next home in South Coogee while selling an existing property creates two linked decisions: what you can afford overall and when the money will be available. Start with a written sale-and-purchase budget before committing to dates.

Brampton Finance helps borrowers compare suitable home loans and prepare their applications. This checklist focuses on coordinating a move rather than forecasting South Coogee property prices.

Build the budget around net sale proceeds

List the estimated sale price, mortgage payout, selling expenses and any other amounts payable. Separately allow for the next purchase, applicable duty, legal work, inspections, moving expenses and a cash buffer. Ask your advisers to confirm the figures relevant to your transaction.

An agent’s appraisal is a planning estimate. Test your budget against lower sale proceeds and additional time on the market before relying on the expected surplus.

Compare selling first with buying first

Selling first can give you a clearer figure for the funds available, but you may need temporary accommodation or storage. Buying first can secure the next property sooner, but requires a workable funding plan if your sale takes longer than expected.

Ask your solicitor or conveyancer to review the proposed contracts, conditions and settlement dates. Explain which funds are needed at exchange and which are needed at settlement.

If considering bridging finance, prepare both stages

Discuss the amount owed while both properties are held, the interest and fees during that period, and the debt expected after the sale. Ask how interest is paid, what sale timeframe applies and what happens if proceeds are lower or the sale is delayed. Do not assume an extension will be available.

Our bridging finance service explains the starting point for a discussion. Provide existing loan statements, property details, the proposed purchase contract and any sale contract so the proposal can be assessed.

Check the ongoing loan and household budget

Prepare current income evidence, living expenses, credit limits and other commitments. Include foreseeable changes such as reduced working hours or parental leave. Set out the repayment you expect to manage after selling, alongside rates, insurance, maintenance and any strata levies.

Compare suitable home loan options and review the conditions of any pre-approval. Conditional pre-approval does not guarantee final approval for the chosen property or a bridging arrangement.

Keep the purpose of each property clear

If you intend to retain the existing property rather than sell it, explain the change before proceeding. Review investment lending separately and obtain appropriate tax advice. For work at the new home, use the Bronte renovation planning checklist to organise the scope and funding request.

Explore the Eastern Suburbs finance guides and suburb directory, or discuss your South Coogee move on 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.