or Downsizing
Real Estate

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Upgrading or Downsizing Real Estate - Should You Upgrade or Downsize Your Home?

Upsizing or downsizing real estate can be a big decision. What can help you to make the right choice for you and your family? Start by getting the right advice.

Upgrading or Downsizing Real Estate : Finance Guide

Make The Right Move for You

Why is it so difficult to make a decision about upgrading your house or downsizing your home? Because your final decision will have a lasting impact on both your finances and your lifestyle.

At ZEP Finance, we understand the importance of making an informed choice. That’s why we’ve put together this complete guide on upgrading or downsizing real estate. In this guide, we’ll explore the benefits, considerations and financing options of both upgrading your house or downsizing your home.

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Upgrade Real Estate Vs Downsizing Real Estate: Understanding Your Options

Are you facing a lifestyle change but not sure what to do about your current property? Is your family starting to grow and you’re finding yourself in need of a bigger property? Or maybe your needs have evolved and you’d now prefer something smaller and easier to maintain.

Whatever your situation, a trusted mortgage broker can help make the difference. Why? Because a mortgage broker can ensure you find the right finance options to make the process a whole lot smoother (both now and in the future).

In this guide, we’ll explain everything you need to get started with your downsize or upgrade real estate action plan. This includes:

How to finance either option.
If you are considering a property size change, but you’re unsure about the best way forward, this guide is for you.

If you’re looking to make this change urgently, then schedule a free appointment with one of our expert mortgage brokers and we’ll be more than happy to help you get your finance sorted.

Upgrading Your House: Expanding Your Horizons

Are you looking to accommodate a growing family or enhance your lifestyle? If so, then upgrading your house may be the right choice for you. Here are some key points to consider:

More Space for Your Family

As your family expands, you may need additional bedrooms, a larger living area or extra storage space. Upgrading your house allows you to meet these needs and create a comfortable living environment ideally suited for you and your family.
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Enhanced Lifestyle Amenities

A bigger home often offers more amenities and room for activities. When you upgrade real estate to a bigger property, you can enjoy features like a spacious backyard, a dedicated outdoor entertaining area, a larger kitchen or even a pool.
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Long-Term Financial Investment

Upgrading your house can be a strategic move for long-term financial growth. By purchasing a larger property in a more desirable location, you may benefit from increased potential in property value appreciation over time, which will increase equity.
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Consider The Financial Implications

Before committing to an upgrade in real estate, it’s essential to assess your borrowing capacity and evaluate the associated costs, such as stamp duty, legal fees and ongoing costs. Our team can help you navigate upgrading your house.

Why Do People Upgrade Real Estate?

According to recent data from the Australian Bureau of Statistics (ABS), over 40% of Australians moved home in the 5 years leading up to 2020. Of those that moved, 12% confirmed that this was due to wanting a bigger or better home (a figure that jumped to 17% in the 35 to 44 years age bracket).

But what is the motivation behind this desire for a bigger home? There are often a range of factors involved in any decision to upgrade real estate. Some of these include:

One of the most common reasons to upgrade real estate is the need for more space due to a growing family. A 2-bedroom home may have been ideal while you were single, but that same space may start to feel very cramped once you include a couple of kids.
Many people aspire to improve their lifestyle by upgrading to a bigger home. This is because larger houses often come with better amenities, such as more bedrooms, larger living areas or more spacious backyards.

A first home purchase is often somewhat constrained by budget limitations. But as a person’s income grows and they develop more equity, their borrowing capacity may also increase. As a result, they may decide to upgrade to a bigger home.

A larger home often provides families with greater comfort and more convenience. With more space, families can enjoy greater privacy, better storage options and more room for recreational activities.
Some homeowners may upgrade real estate as an investment opportunity. They may anticipate that the larger property will appreciate in value over time, potentially providing them with a better return on investment in the future.
Changes in lifestyle preferences can also motivate a person to upsize. For example, you might decide you want to entertain more frequently or take up a hobby that requires more space.
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Downsizing Home: Streamlining Your Lifestyle

If you find yourself with unused space, rising maintenance costs or a desire for a simpler lifestyle, downsizing your home could be the solution. Here are some key considerations when downsizing a home:

Right-Sizing for Your Needs

Downsizing home allows you to align your living space with your current requirements. It can be a practical choice when you have multiple unused rooms or if you’re finding it a struggle to maintain a larger property.

Reduced Maintenance and Costs

A smaller home often means less time and money spent managing ongoing maintenance costs and utility bills. Downsizing can free up your resources, giving you the flexibility to pursue other goals and experiences.

Downsizing can unlock equity

Selling your current home and purchasing a smaller home can help you to unlock your equity. This can then be used to fund other priorities, such as retirement savings, travel or investment opportunities.

Consider all financial aspects

When downsizing, it’s crucial to evaluate the costs involved, including real estate commissions, stamp duty and other related moving fees. At ZEP Finance, we can help you assess all the financial costs.

What are the Most Common Reasons Why People Downsize Home?

While ABS data shows that downsizing real estate is still most common amongst older Australians, a growing number of younger homeowners are starting to see the attraction.

What is the appeal of downsizing your home? Some of the most common reasons include:

Downsizing real estate can be a strategic financial decision for anyone looking to reduce housing expenses (including mortgage repayments, rates, energy bills and maintenance).
Many people now see downsizing a home as an efficient way to simplify their lifestyle. A smaller property generally requires less cleaning and maintenance, which frees up homeowners to spend more time and money on other activities.
Some people are now downsizing real estate as part of a broader commitment to sustainable living. Smaller homes generally have reduced energy consumption, water usage and carbon emissions, making it easier to support an eco-friendly lifestyle.
The decision to downsize your home may be motivated by a desire to live in a specific location, perhaps closer to work, family or the CBD.
Major life transitions can sometimes be the motivation behind downsizing. This could include adult children leaving home, divorce, health issues or changes in employment. These significant changes may enhance the appeal of a smaller home.

Our commitment to you doesn’t end once you secure your loan. We offer ongoing support and assistance, ensuring that you remain on track with your financial goals and are satisfied with your mortgage arrangements.

Trust ZEP Finance to be your reliable partner as you embark on this significant financial journey. Contact us today to schedule a consultation with our knowledgeable team. Let us help you make the right move with confidence, whether it’s upgrading to a larger home or downsizing to a more manageable lifestyle. Your dream home awaits, and we’re here to turn it into a reality.

Home Loan Finance for Upgrading or Downsizing a Home

Whatever lifestyle choice you’re making – either upgrading or downsizing your home – it’s crucial that you start with the right finance advice from a trusted mortgage broker. What are the advantages of using a mortgage broker when you upsize or downsize your home?

With a mortgage broker, you have an experienced professional working on your behalf, giving you access to:

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ZEP Finance Can Help You Upsize or Downsize Your Home

At ZEP Finance, we offer expert financial guidance and tailored solutions for your specific needs. Whether you’re looking to upgrade or downsize your home, our dedicated mortgage brokers can assist you every step of the way. Here’s how our services can benefit you:

You can trust ZEP Finance to be your reliable partner as you embark on this significant financial journey.

Contact us today to schedule a consultation with our knowledgeable team. Whether it’s upgrading to a bigger house or downsizing your home to something more manageable, we can help you make the right move with confidence. Your dream home awaits, and we’re here to turn it into a reality.

Making The Right Move For You

At ZEP Finance, we understand that each individual’s situation is unique. Whether you’re considering upsizing or downsizing real estate, our team of mortgage experts is here to support you. We offer personalised advice and financial solutions tailored to your specific needs and goals.

Contact ZEP Finance today to discuss your options, so you can make an informed decision about upgrading or downsizing your home. Our knowledgeable team is ready to guide you through the process and help you secure the right mortgage for your new property.

Frequently Asked Questions About Upgrading or Downsizing Real Estate

Some lenders offer portability options that allow you to transfer your existing loan to a new property, subject to approval and conditions. However, this will depend on the terms and conditions of your current lender.
Downsizing your home may positively impact your loan eligibility by reducing your debt-to-income ratio and estimated expenses. This can then increase your borrowing capacity.
Early repayment penalties may apply, but these will vary between lenders. A broker can help you assess whether the financial benefits of downsizing will outweigh any penalties you may be charged.
Yes, you can use the equity available in your current property as your deposit when upgrading or downsizing your home. To find out more about equity, chat with a broker.
Changing your loan term can affect your monthly payments and the total amount of interest you’ll pay over time. You can ask a broker for help understanding the long-term financial impact of changing your loan term when downsizing your home.

110+ Google Reviews And Counting

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Mal RiddleMal Riddle
06:31 08 Apr 24
Zep finance went above and beyond in securing finance for our company vehicle. They updated me every step of the way and made a complicated process easy. Highly recommend.
Hanna PritchardHanna Pritchard
04:38 05 Apr 24
I'd heartily recommend Kylie and the team at Zep for your mortgage needs.
Claire WestraClaire Westra
04:28 05 Apr 24
I'm a property investor with 6 properties thanks to this family run brokerage business. I have had nothing but exceptional service from Zep finance. They don't cross-collateralise, work closely with your accountant and are so smooth and easy to work with.Zains team consider well over 100 lenders to come up with the right loan product for investors. These guys do the hard yards and I could not recommend them more.
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01:26 05 Apr 24
Highly recommend ZEP Finance, a local family-owned business whose kindness, passion, dedication & attention to detail shines through everything they do. Exceptional humans going above and beyond!
Billy Narvo GleesonBilly Narvo Gleeson
03:59 04 Apr 24
The team at Zep were so incredibly helpful and made buying our first home not as stressful 10/10 recommend
Joshua ButtsworthJoshua Buttsworth
06:18 02 Apr 24
The team at Zep have been amazing.We had a more difficult settlement and each of the team gave me time, clear direction each step of the way and were extremely patient.Many thanks!!!Highly recommend
23:22 25 Mar 24
Zain is absolutely fantastic. He helped us with the refinance of our first home to help us buy our dream large acreage property nearly three years ago. Coming off our fixed loans, Zain is now helping us keep our new variable rates as low as possible. He’s been of tremendous help during the process each time. Highly recommended!
tara curnowtara curnow
08:01 24 Mar 24
The Team at ZEP were extremely helpful from the start to finish of the entire process and even after with check ins to ensure we are on a great rate and things are going smoothly. Extremely professional, fast and go above and beyond to ensure you reach your goals. Highly recommend!
Paul ChafferPaul Chaffer
23:19 20 Mar 24
Kylie Harris, my broker was excellent in her approach and assistance. She was clear, concise and made it an effortless, streamlined process unlike other experiences I have personally had refinancing property. I felt trust, care and guidance from her and the team upon every step, delivering a great outcome. I have since produced two more leads for her with long term friends who were equally impressed.
Kylie HarrisKylie Harris
23:17 20 Mar 24
Fantastic Team!! Second to none!!
Michael WolhuterMichael Wolhuter
23:19 01 Mar 24
ZEP took the time to explain the home loan process to making it stress free. They were always there to help when needed, wound highly recommend Zain and the team.
Jaime MullerJaime Muller
05:17 29 Feb 24
We had such a straightforward, no problems process with Zep. Communication was clear and consistent and the staff were all friendly and accomodating. Thank you!
Kurt MalaveyKurt Malavey
09:21 22 Feb 24
Zain and the team have helped us with loans, refinance and financial advice. They are unbelievable and easy to deal with. Call them now!
06:36 22 Feb 24
Zain and the team were great. All the way from initial contact to past our settlement date to make sure the whole process was smooth.Dealing with Karina and Trudy they made everything hassle-free and had great communication at all times. 11/10, highly recommend.
Jasmine DunwoodieJasmine Dunwoodie
03:44 20 Feb 24
Zach ConstantinouZach Constantinou
11:00 15 Feb 24
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22:31 13 Feb 24
We have been very happy with the service provided by Kylie and the rest of the team at ZEP finance- they've ensured a very smooth journey for our refinance and property purchase. We've already recommended them to friends and family
Matthew GordosMatthew Gordos
11:43 11 Jan 24
ZEP Finance helped us throughout the process of selling and purchasing our homes by ensuring that paperwork and communication with our finance institutions was completed under tight timeframes
Ash KnowlandAsh Knowland
19:40 18 Dec 23
Zep finance helped us achieve what we were trying to do when no other brokers could. The whole experience was met with an extremely helpful and positive mindset with nothing ever being a problem.The addition of incredibly helpful staff made our experience with zep one that we will highly recommend to anyone looking to refinance like we did.Give Zain and the team a call, you won't be left disappointedAsh
Belinda KehoeBelinda Kehoe
04:27 18 Dec 23
Great service again from zep finance.Could not recommend them highly enough.
Dani ThompsonDani Thompson
03:19 12 Dec 23
Can not recommend Zain and his team enough! They are amazing at what they do..their communication, knowledge and processes are flawless.Thanks again guys!!!
Paul OPaul O
23:51 05 Dec 23
Zain and the team at ZEP Finance are incredibly responsive to any questions and are genuinely customer-focused. They invest the time to get to know their clients and develop long-term relationships with them. It's comforting to know that expert advice and any assistance is only ever a phone call or email away. Over the past 5 years, I've found that they always act in the client's best interest and nothing is ever too difficult for them whether it be assisting with identifying the best lender for your needs, renewing loans or purchasing a home. They just make it happen!
Sorayah ZazuriSorayah Zazuri
04:08 14 Nov 23
Zain, Emma and the whole team at ZEP finance have done an amazing job. They successfully navigated us through our construction loan, and then onto refinancing to get us a better home loan with a reduced interest rate. We’ll done guys! You have taken a huge weight off of our shoulders. We look forward to dealing with your amazing, local, Lennox Head, family run business for any new mortgage needs!
Greg PowellGreg Powell
21:29 07 Nov 23
Zain and his team are friendly, efficient and professional. We have used ZEP’s services on a few occasions and I can not speak highly enough of them. They are patient and understanding and go above and beyond any expectations you may have. No hesitation in giving 5 stars plus…. Your emergency is their urgency. Fast and easy.
Shannon SayeShannon Saye
23:26 31 Oct 23
Highly recommend using ZEP Finance they made the process of getting finance easy and completed the process quickly and efficiently.
Charlotte MonlunCharlotte Monlun
03:34 10 Oct 23
Zain and the team at ZEP Finance came recommended when we started looking at buying near Lennox and needed financing. Zain was able to assist us in getting the best solution for our mortgage. The team was incredibly attentive, responsive with any queries we had along the way and professional. They made the process seem as seamless as can be considering the current lending context. A big thank you Zain, Trudy and Kelly for your expertise and support, we will certainly recommend your services.
Jamie HetheringtonJamie Hetherington
11:14 03 Oct 23
Couldn't be happier with the team at ZEP Finance. Can be quite overwhelming when making these life changes and they eased us through it all! Thank you so much
Sheridan VenessSheridan Veness
07:17 11 Sep 23
We just purchased our second home with Zain and his teams help and my goodness they are truly amazing ! They are quick and efficient and make the process stress free not to mention they are all so lovely and helpful with every need . Couldn’t recommend them enough!
Marnie SironenMarnie Sironen
06:45 01 Sep 23
Zain, Emma, Karina and the team were wonderful. They expertly navigated our complex situation, were endlessly patient and explained everything to us in plain English, which was really appreciated. Highly recommend.
00:35 26 Aug 23
We were recommended Zep Finance by friends of ours. Zain, Emma and the team met and exceeded our expectations and we couldn’t recommend highly enough. This was our first home loan experience and their communication was always prompt and clearly explained which made the whole process as straightforward as possible for us. Thanks so much for your perseverance and dedication to finding a home loan solution for us guys, really appreciated!
Jade RogersJade Rogers
09:28 25 Aug 23
Brett WatsonBrett Watson
05:01 14 Aug 23
Kylie Harris from Zep helped me throughout the process and was amazing in my opinion, I have already recommended Zep to friends .
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04:48 14 Aug 23
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05:33 10 Aug 23
ZEP finance was fast and efficient. The whole team are more than accommodating and very friendly! I would 100% recommend and be using them again in future.
Andro EngelbrechtAndro Engelbrecht
00:12 25 Jul 23
Fantastic service once again! We've used Zain and the team from ZEP Finance for our past mortgages and recently to extend our current home loan to get some renovations done. Zain and his team was excellent at communication and did everything in a timely manner. Highly recommend and will definitely use them again in the future.
Hong KHong K
13:03 05 Jul 23
Zep finance is truly amazing and will help you achieve the best result. As a first home buyer, I am not sure about the process but my broker Kylie and Karina have always been very helpful, always kept me informed throughout the process and went above and beyond to assist until it is all completed. It was an amazing experience I couldn’t have done it without ZEP Finance !!!
Louise HarrisLouise Harris
10:41 11 May 23
Zep finance seamlessly managed our recent refinancing and made the whole process so easy for us. The whole team are friendly, professional and very thorough. They were also amazing to deal with a few years ago when we were first home buyers navigating a construction loan. Highly recommend!
Thomas HarrisThomas Harris
04:30 10 May 23
Zain and the ZEP team helped us get our initial home loan in 2019 and have just assisted us with refinancing. Great team, happy to answer all questions and a smooth process. Would recommend to anyone, near and far - we work with team from Western Brisbane without any dramas!
Jean BarrJean Barr
10:40 19 Apr 23
Made it easy for me to get my house loan. The staff were all very professional and made the whole process much easier and smoother. I would never have been able to settle on my purchase so quickly had I not had the team behind me. Everything was clearly explained to me. They took the stress out of the whole process.
Pip CPip C
10:24 19 Apr 23
Zain and his team did a wonderful job securing me a home loan and helping me understand the steps involved. They communicated with all the necessary parties on my behalf and l couldn't have been happier with the work they did for me. I highly recommend ZEP finances. Many thanks Zain, Kylie, Lisa and all the team.From a happy first home owner!
Louise O'ConnellLouise O'Connell
08:32 30 Mar 23
Zep Finance are world class! This was my 6th mortgage and by far the best advice and all round service I've ever experienced. Kylie went above and beyond to find me the best deal, with Trudy, Emma, Jasmine and Caitlin keeping me informed along the way. Thanks ZEP! I really appreciate the great loan you negotiated.Highly recommend this team!
Demi KroehnertDemi Kroehnert
01:23 28 Jan 23
Amazing experience for first home purchaseZEP Finance we’re excellent in making our fist home buying experience simple. Our broker, Joel, provided an awesome experience when purchasing our very first home and wer were able to purchase the home of our dreams. Throughout the whole process, Joel always communicated with us clearly and answered any questions we had, making sure we understood. Thank you to Joel and ZEP finance for providing us with a great experience and we will be sure to return when we need a broker in the future.
Brad NewbyBrad Newby
22:20 27 Dec 22
The team at ZEP Finance were very professional throughout the whole loan process and provided us with several options that suited our circumstances. Not living local was not an issue for them and the communication provided from the ZEP team was amazing. If you are looking for a service which is tailored to your specific needs we highly recommend reaching out to Zain and his team. Thanks for helping us achieve another milestone in our lives.
So grateful for Zep Finance.There are few words that can explain our gratitute to Zain and Joel.The brokerage service was excellent from beginning to end in assisting us to secure our very first home.Zain and Joel made us feel valued and informed each and every step of the way on our journey to owning our own home.We can't thank them enough for their exceptional, meticulous, professional and efficent assistance and support.If you are looking for a broker, we can absolutely recommend Zep Finance and will continue to use their services in the future!From the Myburghs.
Abbey McBurneyAbbey McBurney
23:37 20 Oct 22
Third time - Still Amazing ServiceThis was our third time working with ZEP Finance. The whole team supported us through a very difficult process negotiating with our previous lender following the February/March floods. We would have been lost without their support.They then switched gears and sprung into action to get us locked and loaded to buy a new, flood free home.Joel helped us obtain pre-approval with our preferred lender and the whole process from exploring options to pre approval to settlement was seamless and stress free.Zain has built a quality and caring team, whose attention to detail and customer service is hands down second to none.I have always, and will continue to recommend ZEP to anyone looking into finance options.
The Image CollectiveThe Image Collective
05:22 04 Oct 22
Highly recommend the entire team at ZEP to anyone needing finance information or services. The results were nothing short of amazing. This experience for me has restored my reservations about loans/finance with their professionalism and knowledge. I understood everything that was explained, was given options and felt so empowered to leave my long term bank.I have since referred family and friends to see them and hope anyone reading this gives them a go. Trust me, you won't be disappointed. THANK YOU ZEP!!!
Nat DaleyNat Daley
00:18 02 Aug 22
Second to noneOver many years and many transactions, Zain Peart and his team (Kylie, thank you) have always been great, but this time they went above and beyond. Our situation is complex, the investment property transaction we just executed was complex, and what was even more complex was the timing of the transaction (floods, COVID-19, interest rate increases, maternity leave, personal matters etc). ZEP provided much needed stability in these uncertain times. There is nothing that office cannot do, and it seems the more complex the scenario the more they stand out. I cannot recommend ZEP highly enough, and do to my family, friends and clients 100% of the time.
Wan BradridgeWan Bradridge
10:06 11 Jul 22
Amazing service! Zain, Kylie and the team went above and beyond for us. They made the process so easy. They did all the hard part for us, we didn’t even have to lift a finger! Always keeping us up to date with the progress of the loan application, very professional and friendly. We would recommend the team to anyone! Thank you guys! Craig and Wan
10:03 11 Jul 22
I couldn't have asked for better service! Zain, Jasmine, Emma and the entire team at ZEP worked around the clock to find the best possible loan for my situation.If you're looking for a professional, timely, considerate and understanding broker, ZEP is my recommendation. Jasmine always replied to my requests quickly and efficiently and Zain worked tiressly to find the product just for me.
Sally CookSally Cook
10:02 17 May 22
PROFESSIONALSERVICE AND GREAT COMMUNICATION !!Zain, Joel and his team were extremely helpful, responsive and gave us excellent advice throughout the process of obtaining our loan and securing a home in this difficult property market. Their service was sincere and supportive and we would highly recommend to anyone to use their services. We will most definitely reach out to them once again for any further loan applications. These guys made it all happen !!! THANKS HEAPS
Helen WoodburnHelen Woodburn
00:55 15 Jan 22
Buying and selling property can be stressful so having someone assist us with our financing towards the selling and buying of a property was very important to us. Zain at ZEP Finance came highly recommended. Both Zain and his team did an incredible, efficient and professional job from start to finish. Zain's knowledge and experience is exceptional which instilled our confidence and trust. The team's communication was outstanding and their timely and prompt attention to detail provided comfort and peace of mind throughout the process. This meant we could focus on other necessities associated with moving house as well as saving us a heap of time. We would highly recommend Zain and ZEP Finance to anyone requiring a mortgage broker.