Upgrading or downsizing
Selling one home and buying the next: the order, the money in between, and the timing.
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Run your numbers
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Typical in QLD: 2.3% to 2.9%, plus GST. It’s negotiable.
Your selling costs
$29,500
About 3.5% of the price, with GST on the commission
- Agent commission
- $21,250
- GST on commission
- $2,125
- Marketing and photography
- $4,000
- Conveyancing or solicitor
- $1,400
- Legal documents and searches
- $450
- Mortgage discharge fee
- $300
You walk away with about
$470,500
Every 0.1% of commission is $935 on this sale.
Moving from one home to another, in 2026
Sell first, buy first, or bridge
Upgrading or downsizing means two transactions need to talk to each other. The three viable paths are: sell first (cleanest financially, hardest on logistics), buy first (cleanest on logistics, riskiest financially), or use bridging finance (most expensive, sometimes the only option). The right call depends on your equity position, your timing, and how patient your next mortgage will be.
Sell first means you list and sell your current home, then go house-hunting with a known budget. You'll either need short-term rental accommodation between settlements or to negotiate a long settlement on the sale (60-90 days isn't unusual) so you can buy in parallel. Cleanest financially because there's no double mortgage and no bridging fees, but the risk is finding the right next home in the available window.
Buy first means you find the next home, exchange contracts subject to finance, then list your current home. This works in slow markets where you can negotiate a long settlement on the purchase (often 90-120 days). The risk: if your current home doesn't sell quickly, you're carrying two mortgages and possibly paying penalty interest. Have a serviceability buffer in mind before going down this path.
Bridging finance is a short-term loan that covers the gap between buying the new home and selling the old one. Bridging lasts 6-12 months typically, the rate is usually 1-2% above standard variable, and you'll pay interest on the 'peak debt' (combined value of both loans) for the bridging period. Useful when the timing genuinely won't line up, expensive if you treat it as an alternative to selling fast.
Stamp duty on the next home is the line item most upgraders underestimate. A $1.5m purchase in NSW carries $63,787 in stamp duty for a non-first-home buyer; a $1m purchase in VIC is $55,000. Build the duty into your true cost of moving, not the headline price difference.
The numbers an upgrader has to run
Two transactions, two sets of math. Get the stamp duty, repayment and borrowing-power numbers before you sign either.
Common questions
Should I sell first or buy first when upgrading?
Sell first is the lower-risk option financially: you know your budget and you don't risk carrying two mortgages. Buy first works in slow markets where you can negotiate a long settlement on the purchase (90-120 days) and where you're confident your current home will sell quickly. If timing genuinely won't line up either way, bridging finance is the third option — expensive, but sometimes the right call.
How does bridging finance work?
Bridging finance is a short-term loan (usually 6-12 months) that covers the gap between buying a new home and selling the old one. You pay interest on the 'peak debt' (the combined value of both loans) for the bridging period. The interest rate is typically 1-2% above the standard variable rate. Once the old home sells, the proceeds pay down the peak debt and you transition to a standard mortgage on the new home.
How much stamp duty will I pay when upgrading?
Stamp duty on an upgrade is calculated at the full (non-first-home) rate on the new purchase price. As an indicative scale: a $1m purchase in NSW costs around $40,000; in VIC around $55,000; in QLD around $34,000; in WA around $42,000. There is no stamp duty refund or credit for selling your old home. Build the full stamp duty into your true cost of moving.
Can I take my mortgage with me when I move?
Yes, this is called 'porting' the mortgage. Most lenders allow you to transfer the loan from one property to another without re-paying establishment fees, provided the new property meets their lending criteria and the loan amount stays the same or smaller. If you're borrowing more, you'll be assessed for the top-up. Porting saves break costs on fixed-rate loans and re-application fees, but always compare with what's available on the market — the existing loan may not be the cheapest option.
What is the downsizer contribution to super?
Australians aged 55 and over who sell a home they've owned for at least 10 years can contribute up to $300,000 each (so $600,000 per couple) of the sale proceeds into super as a downsizer contribution. The contribution doesn't count toward the normal contribution caps and isn't subject to the work test. It's a useful tax-effective way to convert home equity into retirement savings.
How long does it take to sell and buy at the same time?
Plan on 60-120 days from listing to settlement on the sale, plus 30-60 days from offer to settlement on the purchase. If you sequence them well (long settlement on the sale, fast settlement on the purchase) it can all happen within 90-120 days from listing. If the timing slips, you're either in short-term rental or carrying two mortgages briefly — both are manageable with planning.
Buying a home
Ten chapters for buyers: schemes, finance, inspections and the offer, in order. Free. Tell us where to send it; nothing else is sent unless you ask.
If you want someone on your side
A licensed agent who acts only for you, the buyer. A selling agent works for the vendor and is paid to get the best price for them; a buyer’s agent is paid by you to find, assess and negotiate for you.
Ask about a buyer’s agentWhat they charge: Buyer’s agents charge you directly: often a fixed fee (about $10,000 to $18,000 in capital cities for a full search) or 1.5% to 3% of the purchase price, sometimes with an upfront engagement fee. Auction bidding alone costs much less. Ask for the full fee in writing before you sign.
Where we can help: We’re still building our network of buyer’s agents, so we can’t promise an introduction in your state yet. Our team reads every request and will email you within one business day to say whether we can introduce someone, and if not, how to choose one yourself.
How we’re paid: Our introductions are free for you. The agent we introduce you to pays us a flat fee for the introduction, whether or not you go ahead with them. We take no share of their commission. It doesn’t change what you pay them, and you’re never obliged to use them. The full detail
Reading this page, using a calculator or downloading a guide never passes your details to anyone. An introduction needs its own yes.