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5 signs it might be time to upgrade your home (and how you can do it in 2023)

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This year could be the time you find your dream home. We take a look at the reasons people push for a move, and show you some key home loan tips.

Sponsored by Bankwest. Bankwest offers a range of home loan products for those who are looking to buy their next home. To find out more, visit their website.

Many people will at some point be thinking about upgrading their home. This could be due to a growing family, a change in financial position or feeling the seven-year itch that might have you thinking, is now the right time?

The recent rate pauses have made the prospect of securing a new loan less daunting for many Australians.

So today, we'll be taking a look at some of the main reasons people consider upgrading their home. We'll also be showing you some handy tips for how the right home loan can help you achieve your dream home goals, too.

πŸ‘‹ Hey there! Since we've partnered with Bankwest, we'll be referring to their products throughout. However, you should always do your own research and choose a home loan that's right for your needs. You should also always read the product disclosure statement (PDS) and target market determination (TMD) before signing up for any financial product.

1. You've got a growing family

One of the most common reasons people look to upgrade their home is because their family is expanding in size.

There could be a baby on the way, an older relative moving in to be cared for, or simply a need for more space as your kids hit their teens.

Even if your current home is right for your needs now, upgrading can also be a form of futureproofing, too.

🏠Home loan tip #1: Growing families come with increased expenses. So it's worth looking for loans that offer flexibility while you're juggling your finances and your family. For example, home loans from Bankwest offer both flexible repayments and redraw facilities. Tools like this can help you strike a better balance between everyday finance and longer-term goals.

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2. You've been offered a job in a new location

So, you've just been offered your dream job – but it also means that you need to move!

Although the change may not be entirely your choice, it still offers the chance for you to upgrade your home.

You might be able to move to a suburb you've always liked, or simply be able to opt for a bigger place.

🏠Home loan tip #2: Day job means that you're having a tough time seeing a lender during the usual 9-5? Fortunately, some lenders will come to you. For example, Bankwest has a Mobile Lending Manager service – so you're able to arrange a time to discuss your loan needs when it suits you.

3. You're looking for better energy efficiency

Given the wider public concern about the environment, it's no surprise that many Australians are looking for ways to make their homes more eco-friendly.

Renovations are sometimes the right answer, but there may be grounds for moving to a new place, or even building from scratch.

Using reclaimed materials, opting for light-coloured roofs or installing a solar panel setup are some of the most popular ways to go greener if you're upgrading your home. So when you're shopping for a new place, these are things to keep in mind.

🏠Home loan tip #3: Even if you move to a more eco-friendly place, you may want to save up for additional green renovations once you arrive. Bankwest now offers home loan holders the ability to have several offset accounts at once – so you can save away, know where your finances stand at a glance, and still minimise your interest at the same time.

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4. Downsizing to a home more fit for purpose

Kids have moved out, or life circumstances have changed? It might be time to consider downsizing to a place that's more manageable and attuned to your current circumstances.

Now, it's important to stress that downsizing is absolutely not the same thing as downgrading. The goal is to look for a new home that suits your changing needs – and this can very much be an upgrade.

Whether it's the desire for more specific features in your home, a smaller property for easier maintenance, or simply something better suited for hosting the grandkids, 2023 might be the year to make the move.

🏠Home loan tip #4: Found your home, but haven't sold your current place yet? In these situations, a bridging loan from a lender like Bankwest may be a better option than a new home loan. You're able to borrow a portion of your current home's equity, which can then be repaid once your original home sells. In some circumstances, it's a more effective option than taking out a whole new home loan.

5. You're feeling the seven-year itch

A change, so the old adage goes, is as good as a holiday. So it's not surprising that after we've been in the same house for a while, there's a temptation to look for something new.

The seven-year itch can strike no matter how great your current home may be!

Now, sometimes this is an issue that can be resolved by rethinking your current layout or even renovations. But the desire for change can in and of itself also be an indication that it's time for an upgrade.

So make sure you think it over carefully before you make the call to move – but sometimes opting to upgrade can be the right decision.

🏠Home loan tip #5: Before you commit to buying a new place, make sure you can afford the repayments. Tools like Bankwest's home loan calculator can give you an indication of what you can afford to repay. Although interest rates have held steady at time of writing, it's possible that they'll rise again – so it's always good to have some sort of buffer in place.

Find out how you can upgrade your home with Bankwest today

Sponsored by Bankwest. Bankwest offers a range of home loan products for those who are looking to buy their next home. To find out more, visit their website.

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