Upgrading Homeowner Calculator
Selling to buy? Use your sale equity as a deposit to lower your new bond repayment.
The Upgrade Process Explained
- Bridging Finance
- A short-term loan that gives you access to the profit from your sale before the transfer registers. Useful if you need cash immediately for the new deposit, transfer duty, or moving costs.
- Simultaneous Transfer
- When the attorneys coordinate the sale of your old home and the purchase of your new one to happen on the same day. This prevents you from being homeless or paying two bonds at once.
- 72-Hour Clause
- If you make a "Subject to Sale" offer, the seller can usually continue marketing the property. If they get a cash offer, they must give you 72 hours to waive your condition (sell your house fast) or lose the deal.
- Bond Cancellation Fee
- You must pay an attorney to cancel the bond on your old property. This is deducted from your sale proceeds before the balance is paid to you.
Sell-to-Buy Questions
How do I use the profit from my sale as a deposit?
Your conveyancer will guarantee the funds to the new bank. However, the money only becomes available on the day of transfer. If you need to pay the deposit sooner, you may need 'Bridging Finance'.
What is a 'Subject to Sale' offer?
This is a clause in your Offer to Purchase stating that you will only buy the new house IF you successfully sell your old house within a set time (e.g., 60 days). It protects you from owning two bonds at once.
What is Occupational Rent?
If you move into the new house before the transfer registers (or the buyer moves into yours early), the occupant pays 'Occupational Rent' to the owner. This is usually set at approx. 1% of the purchase price per month.
Get a Formal Quote PDF
Need a formal document for your bank application or client? Enter your email to receive a branded PDF breakdown of this calculation including transfer costs and amortization.
- Official Amortization Schedule
- Tax Certificate Format