Home Upgrade Case Study

Navigating a Simultaneous “Sell and Buy” Home Upgrade

Client Profile & Scenario

Location

Moving from Wollert to beachside Armstrong Creek.

Situation

A growing family with a new baby (one applicant on maternity leave) needed to upgrade their home.

Challenge

Managing the financial and logistical complexities of buying a new home while selling an existing one without relying on expensive bridging finance.

The Challenge

Selling and buying at the same time is one of the trickiest manoeuvres in real estate. With multiple moving parts (settlement timelines, maternity leave income validation and exact borrowing capacities), the clients needed clear guidance to avoid double mortgages, temporary homelessness or financial shortfalls.

The Strategy & Key Considerations

Before applying for finance, Loanworx conducted a comprehensive strategy session addressing three critical questions.

Property Readiness & Valuation

Established a conservative, realistic selling range for the Wollert property to ensure accurate safety margins.

Purchasing & Servicing Power

Accounted for extra bank servicing buffers and secured a formal “Return to Work” letter for the mother on maternity leave.

Timeline Alignment

Mapped out simultaneous settlement requirements, temporary living contingencies, and aligned both transactions under a single conveyancer for seamless coordination.

Execution & Results

1

Step 1

Fully Assessed Pre-Approval

Secured a fully underwritten pre-approval upfront with a three-month window, providing the clients with full confidence in their maximum purchase price.
2

Step 2

Listing & Searching

The clients put their Wollert home on the market while actively exploring property options in Armstrong Creek.
3

Step 3

Unconditional Sale

Received an unconditional offer on the current property.
4

Step 4

Purchasing the New Home

Secured the new Armstrong Creek home and coordinated vendor negotiations to align settlement dates.
Step 5

Final Approval

Obtained formal, unconditional approval for the new mortgage.

The Outcome

Job Done. The clients successfully transitioned from Wollert to Armstrong Creek on a simultaneous settlement date, avoiding bridging finance costs and securing their ideal family home.

One

Settlement date for both properties

Bridging finance costs

Three months

Fully assessed pre-approval window

Key Takeaway

The secret to a seamless sell-and-buy transaction isn’t just getting finance; it’s identifying all moving targets early, setting realistic boundaries, and maintaining clear communication across all parties.

Related Resources

Selling And Buying Soon?

Talk to a Loanworx broker before you list. We’ll map your borrowing power, timeline and settlement dates from day one.

Buying Your Next Home Work With Our Team

This case study is general in nature. Outcomes depend on individual circumstances and lender criteria.

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