How much equity do you really have?

Selling costs (agent + marketing + conveyancing) eat 2.5–3.5% of sale price. Stamp duty on the next house is the other big chunk. Plug those in before you set a budget.

9 min readBy Sarah ChenStage 2 of 5

Your equity isn’t (sale price − loan balance). It’s (sale price − loan balance − selling costs − purchasing costs on the next house).

The seven costs of upgrading

Agent commission, marketing, conveyancing on sale, conveyancing on purchase, stamp duty on the new property, removalists, and insurance reset.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates are calculated on a secured loan of $150,000 over 25 years for home loans and a loan of $30,000 over 5 years for car and personal loans, unless the lender states another basis. Business loans and equipment finance for a business purpose have no mandatory comparison rate.